1-1 of 1 results for subject:"Mutual societies"
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Kramer, Baroness
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Kramer, Baroness (1)
Answering member
Legislative stage
Legislation
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Publisher
My Lords, the noble Lord will be aware of the excellent report in 2006 by the All-Party Parliamentary Group on Building Societies and Financial Mutuals that identified the beneficiaries of demutualisation as essentially the directors, who saw their remuneration go up. Among the biggest losers were those who live more to the financial margins, require basic bank accounts and are at risk of financial inclusion. Will he ask that when a future is considered for Northern Rock and others that this test of serving the financially excluded is part of the specification and that the work that mutuals do in this area is recognised?
My Lords, the noble Lord will be aware of the excellent report in 2006 by the All-Party Parliamentary Group on Building Societies and Financial Mutuals that identified the beneficiaries of demutualisation as essentially the directors, who saw their remuneration go up. Among the biggest losers were those who live more to the financial margins, require basic bank accounts and are at risk of financial inclusion. Will he ask that when a future is considered for Northern Rock and others that this test of serving the financially excluded is part of the specification and that the work that mutuals do in this area is recognised?
Asked by
Baroness Kramer
(Liberal Democrat)
Oral questions - Supplementary
Status
Answered
Answered on
2 March 2011
My Lords, I will certainly take my noble friend’s comments back to the department.
Subjects
Banks; Government shareholding; Mutual societies; Sales
Date
2 March 2011
Reference
725 c1053
Chamber / Committee
House of Lords chamber
House
House of Lords