Friday, 23 March 2007

Financial Mutuals Bill

House of Commons had the Second Reading of the Financial Mutuals (Arrangements) Bill, which will make it easier for different types of financial mutuals to merge amongst other things. Proposed by Sir John Butterfill MP (Conservative; Bournemouth West), a long-standing supporter of the mutual sector.

Commenting on the bill, Sir John said: “"Having mutuals in financial services benefits everyone, but especially consumers who get better rates on their savings, mortgages and insurance, as well as more branches being kept open. If passed, this legislation will help to ensure that societies have access to the right type of finance if needed, consumers are even better protected, and the mutual sector could be strengthened by allowing assets and members to stay in the sector if mutuals want to merge."
(story from Mortgage Solutions)