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

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...