How can mutual societies be positioned for the future?

Louise Thompson

As leading financial organisations (Halifax, Abbey National, Norwich Union etc.) are abandoning their mutual status, this article questions whether the traditional concept of mutuality is necessarily 'a dead duck' (as is 'widely believed in the City'), and argues that the mutual principle still has real advantages for consumers, and that those societies which are retaining mutual status are missing an opportunity to market these benefits.

How can mutual societies be positioned for the future?

Louise Thompson of P. Four Consultancy examines a missed opportunity for mutual societies to position themselves as the 'new guardians' of our financial future, and suggests possible strategies to exploit it

Louise Thompson

Mutuality is a long-established principle in UK financial institutions, going back to the early 19th-century friendly societies, and reflecting the same values as the Co-operative movement – sharing, caring and mutual self-help. It is only in the last ten years that many long-standing mutual institutions have begun to question the value of mutual status, and a growing number...

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