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Journalists downbeat on benefits of demutualisation

A majority of personal finance journalists think demutualisation does not lead to a better service for customers, according to a Mori survey.

Of 122 personal finance journalists interviewed, 76 per cent said they did not agree that the conversion and takeover of building societies will result in a better service for customers, while only 3 per cent agreed. The same survey in 1997 found 61 per cent disagreed, compared to 3 per cent supporting demutualisation.

Building Societies Association director general Adrian Coles says: “It is striking journalists are now even more sceptical about the advantages of conversion than they were at the time most of them took place.”

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