Here we cover all the very latest news. If you have a specific enquiry or something you’d like to find out about, please get in touch. For all media enquiries, please contact the AFM team at Elephant Communications at or call 07738 160961. Alternatively contact Martin Shaw at AFM via email or call 0788 754 7195.

09 September 2011

Mutual helps reunite family fortunes on prime time TV


Missing Millions: ITV1: 8pm, Tuesday 13 September

Engage Mutual has been working with a team of TV researchers and genealogists to track down recipients of unclaimed funds it holds on behalf of customers or their beneficiaries.

Some of its heart warming stories, featuring unexpected windfalls, will be aired on ITV1’s prime time 8pm slot, with the first of four episodes starting next Tuesday (13 September).

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12 October 2011

Rating agency downgrade

The decision by Moody's to downgrade the credit rating of a number of banks and building societies wasinevitable whenthe Government made it clear earlier this year that deposit-takers should not be seen simply as 'too big to fail'.  So this movereflects a catching up by the agency rather than a change in the creditworthiness of the institutions. That said, it was not too long ago that Dexia from Belgium passed its stress testing with flying colours, yetit is now in the process of seeking a further bail-out.


"Investors should not be worried- and as long as they avoid holding more than £85,000 in any bank or building society, their deposits are safe." 

17 August 2011

Educating to save as well as saving to educate

Urgent and significant attention needs to be given to those saving for further education according to Martin Shaw, Chief Executive of the Association of Financial Mutuals:

“With the introduction of new tuition fees it has never been more important for parents to start planning towards meeting the cost of education.  However, what children need today, just as much as saving to educate, is educating to save. This point is made more prescient with the recent research from the Personal Finance Education Group showing that over half of all teenagers are in debt by the age of 17.

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18 July 2011

AFM responds to report by Treasury Select Committee on the Retail Distribution Review

The Treasury Select Committee (TSC) has concluded in its report that the implementation of the Retail Distribution Review (RDR) should be delayed by 12 months.

+ See full release here

18 July 2011

AFM welcomes MPs' call on government to promote financial mutuals

The Association of Financial Mutuals welcomes the report issued today by the All-Party Group on Financial Mutuals, following their Short Inquiry into Corporate Diversity in Financial Services.

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30 June 2011

Martin Shaw, CEO of the Association of Financial Mutuals whose members provide insurance products, calls for the industry to implement its own code of conduct as an interim measure to a ban on the payment of referral fees

“The Association of Financial Mutuals supports yesterday’s calls on the outright ban of referral fees as opposed to greater transparency but  we recommend that in the meantime the insurance industry proactively takes action and sets up its own code of conduct, which we would be very happy to help develop.  No motor insurance provider within AFM sells customer data to other organisations and our members give their strong support to the campaign to introduce major reform in this area.


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30 June 2011

Martin Shaw of the Association of Financial Mutuals reacts to Mark Hoban’s proposed gender consultation with the Insurance Industry

“March’s  Gender Ruling was greeted with a resigned sense of disappointment because it is bad news for consumers. They are the ones who will get a worse deal as a result.  The insurance industry was exempt from previous gender legislation because there is clear evidence that it is a fair basis on which to reflect different risks. Therefore, to ignore gender in insurance would be to discriminate not only against young female drivers but male annuitants as well.”

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14 May 2011

Martin Shaw, Chief Executive at Association of Financial Mutuals comments

"Rumours of the demise of the Child Trust Fund are very much premature.  The statement issued yesterday indicates the Government is seeking to reduce payments for higher earners.  That suggests quite clearly keeping the product universal albeit it at a lower cost to the Exchequer.  This is very consistent with the talks that the Association of Financial Mutuals, whose members manage over half of all CTFs, has been having with political parties for some time, and we are keen to work with them on that basis.

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11 May 2011

Martin Shaw, CEO of the Association of Financial Mutuals (AFM) responds to Mark Hoban’s comments at the All Party Parliamentary Group for Building Societies and Financial Mutuals

 “When giving evidence, the Minister stressed that the government is neutral on ownership and was reluctant to offer a view on the sector’s virtues or on the FSA’s attempts to undermine the business model. As the "Minister for Mutuals", this lack of engagement is disconcerting and is comparable to a Minister for Pensions who is unsure on the case for retirement planning.

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11 April 2011

Martin Shaw, CEO of the Association of Financial Mutuals, responds to the Treasury's consultation paper: A New Approach to Financial Regulation: Building a Stronger System

There is significantly more detail in the new consultation which provides much more assurance as to the way financial regulation will be conducted in future.  We are broadly supportive on the approach proposed.

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The Mutual Manifesto challenges all political parties to show they understand the mutual sector.

Mutuals have proved themselves to be resilient in recent years and have seen rapid increases in market share between 2008 and 2010 being at the forefront of product innovation in the insurance sector.”

John Reeve Chief Executive
Family Investment 2011

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