Mutuals in the finance sector do more to put their consumers and the communities they serve first, but much of the legislation and regulation governing the sector requires reform. The Government should take steps to ensure they are able to grow and customers have a fairer and a greater choice of services available to them.

An updated legal framework should be provided for Building Societies, for instance, by allowing deposits from saving platforms to be included in member funding limits, and the Building Societies Act updated to properly reflect the changes made to corporate frameworks for other companies.

Alongside this, the Government should provide increased support for the sector and reform capital rules to ensure credit unions and building societies can continue to grow and mutuals can play a greater role in the financial services sector.

Add your name and join our campaign to make finance fairer and grow our mutual sector.