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Hewitt warns mutuals that rules will not change

Economic Secretary to the Treasury Patricia Hewitt has warned mutuals that the Government is unlikely to change building society rules.


Speaking at The New Statesman&#39s mutuality conference in London, Hewitt said that mutuals cannot rely upon the Government to protect them from their members.


She said that current building society rules provide adequate protection from carpetbaggers because only the board of a building society can seek members authority to convert.

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