AFM comments on the Deputy Prime Ministerâ€™s Mansion House speech
Commenting on the Deputy Prime Minister’s Mansion House Speech this morning, Martin Shaw, Chief Executive of the Association of Financial Mutuals stated:
“I welcome much of the Deputy Prime Minister’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”. I would hasten to point out that they are also the principles by which members at the Association of Financial Mutuals operate. They are traits championed by the mutual business model across many sectors.
“While the Coalition Agreement commits to the promotion of the mutual business model, we have seen the focus of attention so far on the John Lewis-isation of public services. Mr 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.”