The terms of reference will be as follows:
- Does an organisation’s mutual status enable it to offer financial products at good value for money?
- Does the existence of mutual businesses have an effect on the products and behaviour of other businesses operating in the same markets?
- Do mutuals work to combat social exclusion?
- Do they offer services to markets not served by other businesses?
- How important is the contribution of mutuals to community life (economic well being, community cohesion etc)?
- Regulation – does it lead to demutualisation?
A full summary will be published in December, to coincide with the work of the HM Treasury-sponsored Myners Inquiry into the corporate governance of mutual insurance societies.
Adrian Bailey MP, who chairs the All-Party Group, said: “With mutual organisations coming under scrutiny as never before, now is the time to examine in detail their contribution to the lives of their members and consumers. This will enable us to ensure that the sector is properly understood and is subject to an appropriate regulatory framework.”
There will be three sessions in total, during which evidence will be taken from witnesses from within, and outside, the mutual sector.
The Inquiry will hold its first session on Monday 11th October, at 4pm in Commons Committee Room 21.
