The Mutuals’ Deferred Shares Bill, brought through the House of Lords by Lord Naseby and continued in the House of Commons by Cardiff North MP, Jonathan Evans, achieved on Friday its Second Reading.
The Bill will now proceed to Committee Stage and Third Reading. The Bill will permit member share capital in Friendly Societies and Mutual Insurers for the first time.
Lord Naseby has campaigned tirelessly in favour of the Bill, stating that if it goes ahead:
“Mutuals will be able to source external capital without losing their mutual status”.