Again, I very much support the clause. It goes to the heart of the Bill. It has been anomalous that mutual financial organisations can merge with one another only by one of them first losing its mutuality, which rather defeats the whole object of mutuality. It is a key part of the Bill that these arrangements will enable those transfers to take place, without the loss of the important principle of mutuality.

As I indicated earlier, there is one area where I am disappointed and that is the position of mutual insurers. I understand that their omission is due to possible concerns about European Union law relating to companies. I think that only seven companies are affected by that, and it may yet be possible, with the wit and ingenuity that is available to us, to table a further amendment on Report, so that they could be included. If that were possible, I would welcome it, but I do not want to hold up the progress of the Bill in its entirety on that issue.