Maturing Britannia Fixed Rate Savers

thor

If only they had demutualised when they had the chance!
As a saver I couldn't see a downside. I would have sold the shares as soon as I got them so that they could not be devalued years down the line(I did just that with my Halifax and Bradford & Bingley shares). All my money would have been safe under the saver's protection scheme so no worries there.
All those hailing the benefits of mutuality claimed that we would have suffered with worsening products but their savings rates could have hardly have been more rubbish than they are/were as a mutual organisation so I doubt we would have missed out on much there.
Can anyone think of a reason why building societies staying mutual was a good idea? I reckon we members are all hundreds of pounds down a piece while the directors have managed to feather their nest eggs at our expense.

apt

The British banking sector has had enough failed demutualised building societies to deal with without adding to the list. The Britannia has not been particularly well-run, but the Co-op bank has avoided the mistakes made by others.