Cross-party group of MPs: New legislation and better regulation is required for financial mutuals

Parliamentary group mutuals

The All-Party Parliamentary Group for Mutuals has challenged the way that government and financial regulators work with mutuals.

The Group has called for a series of reforms that will enable building societies, friendly societies and mutual insurers to compete on a fair basis with PLCs.

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Time to get tough on football authorities, say MPs

Parliamentary group mutuals

The All-Party Parliamentary Group for Mutuals has called on the Government to take urgent action to improve the way that football club owners behave towards supporter groups.

In a report that is critical of the attitudes the Football Association, Premier League and Football League exhibit towards the ownership of clubs, MPs have called for them to be directed to protect the interests of supporters.

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The All-Party Parliamentary Group for Mutuals Launch

Jonathan Evans MP speaking at the launch of the APPG for Mutuals

Yesterday (20th May 2013) saw the launch of the new APPG for Mutuals at a Parliamentary Reception in Westminster. The launch was attended by MPs from each of the main parties as well as experts from  across the mutual sector.

The purpose of the new All-Party Group (APPG) is to discuss and support mutuals in Parliament. There is no doubt that over the past few years, mutuals of all types have received more attention from each of the political parties; all three of the main parties showed an interest in mutuals in their manifestos in the run up to the General Election in 2010 and since then, the Coalition Agreement included a commitment to promote mutuals.

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The All Party Parliamentary Group for Mutuals

Following the October 2012 AGM of the All-Party Parliamentary Group for Building Societies and Financial Mutuals, it has been agreed to widen the remit of the Group to cover all types of mutual organisation and to create the All Party Parliamentary Group for Mutuals.

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Fostering Diversity: Promoting Mutuals

financial_divesity_booklet

How can the Government best develop a policy strategy to implement the Coalition’s commitment to promote mutuals?

The Group accepts that the Coalition Government has been in power for just over a year and so there are limitations to how easily one can gauge their success in promoting mutuality over such a limited period of time. However, from the evidence given to the Inquiry, it is clear that the Government has not yet developed a clear strategy to promote mutuals.

The Inquiry found that the Government appears to have concentrated its policy efforts on encouraging the development of new mutuals to provide public services rather than to support the existing financial mutual sector.

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Windfalls or Shortfalls? The true cost of demutualisation

An All-Party Parliamentary Group examining the true cost of demutualisation among life companies and building societies has recommended that legislation is introduced requiring an independent check on “windfalls” to ensure members’ interests are being protected.

The report, “Windfalls or Shortfalls? The true cost of demutualisation”, is based on the group’s short Inquiry, held in November. It comes shortly before Standard Life publishes the proposed pay-out to members in its proposed demutualisation this year. The report was launched today (7 March) in Parliament.

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