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Article: Friends in deed.(Interview)
- Article from:
- Money Marketing
- Article date:
- June 8, 2000
- Author:
CopyrightCOPYRIGHT 2000 Centaur Communications Limited. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The arguments in favour of demutualisation do not extend to the friendly societies, which stand to lost their distinctive tax-exempt status upon conversion, argues Marion Poole, general secretary of the Association of Friendly Societies
Are friendly societies the next demutualisation target? As most building societies of any size have fallen to the demutualisation trend, carpetbaggers' attention has spread to the life companies and speculation mounts that friendly societies could be their next prey.
With [pounds]l3bn under management, almost six million members and a total annual income of just under [pounds]3bn, the sector looks ripe for the plucking, ...