A modern Britain is not compatible with closed, exclusive Government. We want those with knowledge and experience to help us in creating a framework for the future. The chance and the challenge I offer to you today is for you to help us create a financial services industry for the next century. One which we can together build on the crucial role friendly societies will have in providing a unique service to their members. There's a lot to be done in which we need your help.
Individual savings accounts.
Work on Welfare Reform. The reform of financial regulation. I know that you, in turn, are anxious that we should take into account the need to make the industrial assurance business more efficient. The present legislation is out of date, framed in the 1920s and the late 1940s - if I may say so, before I was born. That increased efficiency must be balanced by consumer protection for policyholders.