RegulationOct 22 2014

Promote financial services diversity, AFM urges

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The chief executive of the Association of Financial Mutuals has demanded a “commitment to measuring diversity” in financial services from government and regulators.

Martin Shaw said the AFM would urge the main political parties to show support for the mutual sector, but also for diversity in financial services in the run-up to the 2015 general election.

He said: “In 2010 all the main parties said they would work to strengthen the mutual sector. I am hoping we get the same kind of pledges in 2015.”

He added: “We want the government and regulators to sign up to a commitment to measuring and promoting diversity in financial services.

“We do not just mean mutuals but other forms of ownership, such as partners, sole traders and overseas organisations.”

Mark Goodale, the AFM chairman, added that mutuals were showing “innovation and flexibility”, citing LV=’s development of a one-year annuity.

Adviser view

Garry Filby, financial adviser for Reading-based Financial Aspects, said: “Sometimes you just need somebody to shake up the main banks and bring the charges down.”