The mutual fund regulatory structure is generally recognized today as a model of poor corporate governance.

FORBES: Develop a "Fiduciary Response" or You Will Get Scammed

Because the Co-Op would become so large in the sensitive business of taking deposits, with care of tens of billions of pounds of savings for many millions of customers, it would be forced to change its corporate structure and governance, and dedicate more capital to banking, to protect depositors from losses.

BBC: The threat to Co-op��s plan to be a bigger bank

Espen Eckbo, founding director of the Center for Corporate Governance at Dartmouth University's Tuck School of Business, says the tricky issue going forward is dealing with the corporate governance structure surrounding executives' compensation packages.

FORBES: Compensation