View more on these topics

MPs call for Rock to be remutualised

Over 100 MPs have signed an early day motion calling for Nor-thern Rock to be remutualised.

The motion, tabled by Labour MP for Streatham Chuka Umunna, argues that a thriving mutual sector adds to the diversity and strength of the UK’s financial system.

It calls on the Government to force UK Financial Investments, the body that looks after state investments in the financial sector, to look at the feasibility of remutualisation.

It says: “We call on the Government to give equal and due consideration to a mutual opt-ion for the future for Northern Rock by requiring UK Financial Investments to undertake a feasibility study and seek advice into remutualising Northern Rock.”

The Government has pledged to introduce legislation to foster diversity and promote mutuals.

The EDM is supported mostly by Labour MPs but it has also been backed by senior Liberal Democrat MP Menzies Campbell, Green Party leader Caroline Lucas and several Conservative MPs.

Liberal Democrat Treasury spokesman in the Lords Lord Newby has previously backed the idea of remutualisation as a way of sending “a strong signal about the kind of financial services sector we want”.


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm