Commenting on the publication today of Paul Myners’s final report on the governance of mutual life companies, Chris Kenny, Director of Pensions and Savings at the ABI, said:

"I am pleased to see that the report endorses the need for high standards of corporate governance to reassure members and customers of mutuals. This is an important part of the financial services sector and it deserves this high level of attention.

“As the report recognises, it is important to avoid disproportionate regulatory or legalistic solutions to achieve this aim. Today’s recommendations provide a pragmatic way forward, giving mutuals a means to check and where necessary strengthen their arrangements.

“We particularly welcome the report’s support for an amended version of the Combined Code that will meet the special needs of mutuality."

Notes

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