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“Mutual companies share their profits with policyholder members, look after their interests and needs first and develop products and services accordingly."
As a person who worked with MLC, AMP and Colonial Mutual dealing with customer complaints in the early and late 80's, the mutuals were rife with dishonest practices and misrepresentation.
Thank goodness they and their shoddy practices are history.
The banks had to get out because they didn't supervise their advisers adequately and relied on the same remuneration structures which the mutuals had relied upon - recruiting a lot of their managers from the ranks of those who had tolerated and tacitly encouraged the abuses on the 80's and before.
The industry is definitely over-regulated now and helping a client with confidence is increased dramatically in difficulty.
Ethics, principles, values - they are the way forward, rather than a "back to the future" approach.