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.