On 19 April 2006 there was an article in The Times about the floatation of Standard Life. The author, Robert Cole, expressed the opinion that mutual ownership had outlived its usefulness for larger institutions. He stated ".... the bigger the business the greater the risk that mutuality encourages slack management."
Recent experience of an attempt to open a current account with the Nationwide Building Society leads me to fear that he may be right. I gave account opening details by phone two months ago, but still have not received an agreement form. This is notwithstanding three reminders, followed by a letter addressed to the Chief Executive. That letter was passed to a manager, but the response was perfunctory, and seemed to be the product of someone who was struggling. Strangely, the author did not have the wit to send the missing agreement form.
The signs are not encouraging.