Lack of mutual awareness needs addressing
Members of the BSA and AFM are keen to raise awareness of the value of long-term relationships.
Probably the best advert I have heard for mutuality in a long time was a couple of weeks ago when Financial Mail interviewed the Wilkinson family from Bradford in West Yorkshire as part of a review of the financial services industry during the 60-year reign of the Queen.
Simon Wilkinson has a pension with LV= and was encouraged to save by his father, Thomas, who was also a member of LV=, as were his grandparents, Norman and Winifred. Simon said: “I have a deep affection for LV=. The business may have changed and evolved, but its ethical values have stayed the same. It is a mutual and it looks after its members.”
It is a message that mutuals, large and small, should be sending out to the world at large.
Jeff Prestridge is personal finance editor of Financial Mail on Sunday