Financial Mutuals Arrangements Bill

I could not agree more. These organisations belong to the people who benefit from them and run them for each other. When I am with my children on the 349 bus in Hackney, I point out to them that the people working on the bus own the company that runs it, Hackney Community Transport, and that we can therefore expect a better service. The company is owned and run by its employees for its passengers. That thread runs through every aspect of the mutual sector. When I was much younger, we saw the effect of carpetbagging and the loss of many building societies. I remember regretting that we were losing that crucial membership because people were selling their long-term benefit for a short-term gain.