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Challenging the banks

Building Societies the perfect challengers to banks

 

  • Ipswich Building Society hosts AGM and outlines goal to be the most socially responsible building society in the UK

Ipswich Building Society hosted their annual general meeting on Wednesday night. The meeting provided members with the chance to hear about the Society's business performance in 2013 and its longer term ambitions. All formal items on the agenda were approved, including the re-election of Sarah Evans, Kieron Blackburn and Alan Harris to the board of directors.

Ipswich Building Society aims to be the most socially responsible building society in the UK; demonstrable through how it treats its members, employees, suppliers and communities, whilst encouraging others to join based on great products, service and the attitude towards those it serves every day. The Society is well set to challenge the larger banks, as consumers seek diversity in financial services.

In his speech Paul Winter, Ipswich Building Society, Chief Executive, set out how poor banking behaviours, mean that a financial services business acting on behalf of its members offers a real alternative- just as the Society has done so over the last 150 years:

"Far from decreasing in relevance, regional mutual's such as Ipswich Building Society will form an important role in the future of financial services. Since 2007/8 building societies have offered an alternative to banks, taking market share in the savings and mortgage markets. The opportunity now is for a building society to clearly demonstrate how their behaviours and values differentiate them from banks and other societies."

Paul continued: "We need Government to support building societies by creating a level playing field with shareholder owned businesses, especially in the areas of capital raising and opening up the money transmission markets. This would help the sector to offer a full range of banking services. It already works in the US and Australia. Why not here?"

Your home may be repossessed if you do not keep up repayments on your mortgage.