We're not against mutuality, says FSA's Tiner

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FSA chief executive John Tiner has defended the regulator's recent focus on providers' capital requirements by stating there is no conspiracy to rid the industry of firms of ‘mutuality'.

Speaking at the Building Societies Association annual conference yesterday, Tiner attempted to appease concerns about new proposals for minimum capital requirements and with-profits reform, which mutual firms say effectively forces them to become stockmarket-listed companies. "This seems an ideal opportunity for me to dispel again the myth that there is an FSA conspiracy against the mutual sector: our formal position is one of neutrality about the merits of a mutual structure compared to a proprietary one," says Tiner. “But we do recognise that some forms of business require more capi...

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