Recently in Parliament, Richard spoke in support of the Co-operatives, Mutuals and Friendly Societies Private Members' Bill during its second reading in the House of Commons.
The bill, brought forward by Sir Mark Hendrick MP, would give HM Treasury the power to make regulations to allow co-operatives, mutuals and friendly societies to opt to restrict the use or dealing of their assets, such as capital, under law. This would be with the purpose of ensuring their assets are used in line with the objectives of the mutual or for other set purposes. This aims to reduce the financial incentives for demutualisation where mutuals become a Public Limited Company owned by shareholders rather than members.
Richard's contribution to the second reading debate can be watched here. The full debate, including the Minister's response, can be read in Hansard here.
Speaking after the debate, Richard Fuller MP said:
During my stint in the Treasury, I worked closely with the Honourable Member for Preston, Sir Mark Hendrick MP, as he worked to bring this Bill to the House and used my opportunity during the debate to push the Minister to signal his intention for the government to continue to support the Bill through its further legislative stages.
I also urged the Minister to commit to asking the Law Commission to conduct a timely investigation into how legislation can be changed in a positive way to enable friendly societies, mutuals and co-operatives to play a bigger role in society, particularly in attracting new capital.
