MPs urge change in conversion law
Your support helps us to tell the story
From reproductive rights to climate change to Big Tech, The Independent is on the ground when the story is developing. Whether it's investigating the financials of Elon Musk's pro-Trump PAC or producing our latest documentary, 'The A Word', which shines a light on the American women fighting for reproductive rights, we know how important it is to parse out the facts from the messaging.
At such a critical moment in US history, we need reporters on the ground. Your donation allows us to keep sending journalists to speak to both sides of the story.
The Independent is trusted by Americans across the entire political spectrum. And unlike many other quality news outlets, we choose not to lock Americans out of our reporting and analysis with paywalls. We believe quality journalism should be available to everyone, paid for by those who can afford it.
Your support makes all the difference.THE LAW should be amended as soon as possible to make it harder for building societies to convert to banks, the Treasury Committee recommended in a report yesterday.
The MPs favoured giving borrowers an equal weight with savers in demutualisation votes and setting higher turnout hurdles on resolutions brought by "carpetbaggers". In addition, the report suggested windfall share handouts should be restricted to members of two years' standing. The Building Societies Association and the Consumers' Association gave a warm welcome to the proposals, intended to preserve a mutual sector.
Join our commenting forum
Join thought-provoking conversations, follow other Independent readers and see their replies
Comments