Martin Shaw of the Association of Financial
Mutuals says, "I welcome much of Nick Clegg's speech on responsible
capitalism and would strongly emphasise the key role mutuality can play in
achieving this. Stability, responsibility and accountability are the missing
attributes that have led to the advent of what he and others have identified as
crony capitalism. They are also the principles by which mutuals operate. Nick Clegg
has spoken of the need for shareholders to behave more like business owners -
mutuality provides a very simple solution to this: mutuals are owned by you,
the customer. I wholeheartedly support his views on the benefits of employee
ownership but let us not overlook the integral benefits to consumers, the
economy and society of a thriving customer-owned mutual sector."
The Association of Financial Mutuals is the trade
body that represents mutual insurers, friendly societies and other financial
mutuals across the UK. Its members collectively look after the savings,
protection and healthcare needs of 20 million customers.