Page 8 - Pillar 3 Disclosure
P. 8


REVIEW OF THE YEAR





Overview from Paul Winter, CEO (continued)


























The Society recently completed a new three-year 
Now for the binoculars
plan and this is developing our view on what it 

2014 is set to be another year of balancing our really means to be an ethical business, looking 

lending requirements with meeting new regulations internally across our Board governance, skills, 

such as the Mortgage Market Review (MMR) and employees, technology, growth aspirations and 

delivering the final phase of our IT project.
risk appetite, and externally to the communities we 
serve; our members, financial education, public 
MMR comes into effect on the 26 April 2014 
health and the environment. Under this plan our 
and is likely to have a substantial impact on 
basic mission remains the same; to operate a 
some consumers; such as those with good credit 
simple business model of providing residential 
histories but who work on flexible contracts or 
mortgages funded by retail savings. We intend
are self employed, and on lenders. Our manual 
to continue with our approach of sound business 
underwriting and existing detailed view on 
affordability puts us in a good place to meet the management, fair dealing, responsible behaviour, 
excellent service and transparency in all we
requirements of MMR and to meet the needs
do. This is also a key way we can differentiate 
of a wider group of credit-worthy consumers.
ourselves in the future. I believe members will 

Continuing the theme of regulation, I anticipate increasingly look to do business with organisations 

that our regulators will place an increased focus whose values they share and whose behaviour 

on governance following the unravelling of the they approve of. I believe we need to remain
Co-operative Bank. This is a challenge we are well true to the roots of our forbearer organisation, 

placed to meet.
The Freehold Land Society which was established 

to achieve more than just offering competitive 

products. By achieving this I believe we can 

demonstrate our value for many years to come.







Paul Winter, 

Chief Executive






8 www.ibs.co.uk



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