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The Kensington Society has called on the homes of its clients for 100 years but its future could now be under threat.

For the last century, the in Middlesbrough has been helping people on low incomes save money towards their funerals or a rainy day.

Typical life insurance plans cost a few pounds a week, with the premiums collected in person by the Kensington's army of doorstep staff.

could force the Kensington and similar mutual societies out of the market.

It all stems from the Financial Services Authority's desire to improve the advice on offer to us all.

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It's all well-intentioned stuff, aimed at avoiding some of the mis-selling scandals of the past.

So what's the problem? The FSA also wants to class the Kensington Friendly Society's doorstep collectors as financial advisers and force them to get that degree-level qualification too.

That means people who typically collect life insurance premiums of between £2 to £5-a week from the low paid will need the same expertise level as someone advising the wealthy on minimising their capital gains tax.

The Kensington believe that's effectively using a proverbial sledgehammer to crack a nut.

The Society says it couldn't afford the time and money to train staff to that level. In any case, it says anyone that qualified would quickly want to move on to more lucrative employment.

So bad news for the Kensington, but also potentially bad news for the millions of people who use similar small mutuals.

The Kensington has 10,000 clients in Teesside. They are all on low incomes. Most have never saved with anyone else, and would be unlikely to save and invest if those products weren't available conveniently on their doorstep.

They're not the kind of people welcomed with open arms by banks, and cannot afford to pay for financial advice.

So the Society believes the rules could see such people forced out of the market, and prevent them saving.

I met one client, Jim Teasdale, who says as much. He and much of his family have life insurance with the Kensington, and say it gives them priceless peace of mind.

Middlesbrough South MP Tom Blenkinsop is worried that the low-paid may find it harder to save.

The plight of Jim and others is now worrying some MPs.

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He fears the disappearance of doorstep-collecting mutuals like the Kensington will add to the financial exclusion of millions of low-earners.

Instead of saving to pay the bills, he fears more people will be forced into debt and into the arms of loan sharks.

The rules are out to consultation at the moment, and so there is hope that mutuals like the Kensington could yet win an exemption.

But if the FSA doesn't have a rethink, rules which are supposed to help savers could actually hit the people who need to save the most.

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