Mutualsm campaign
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.The merits of mutuality to borrowers and savers are to be promoted in a £5m television campaign by Britannia building society.
As part of a brand awareness campaign starting tomorrow night, the building society – Britain's second largest – wants to highlight the benefits of mutuality over a bank publicly listed on the stock market.
These benefits are generally held to be annual payouts to members rather than shareholders and profits put back into lower prices for financial products as opposed to having to pay dividends and profits to shareholders and the City. "Research tells us that customers value integrity, transparency and a fair deal from their financial services provider," said chief executive Neville Richardson.
However, mutuality is no longer the force it once was, as former building societies including Halifax, Alliance & Leicester and Northern Rock all succumbed to the lure of a flotation – and carpetbagging after a shares windfall – in the 1980s and 1990s.
The merger this year of Nationwide and Portman building societies prompted speculation that the UK's biggest building society would abandon mutuality but it has so far remained loyal.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments