BSA Yearbook 2020/21 Facts, Figures & Opinions BSA Yearbook 2020/21 FROM CHEQUE PROTECTIONCLEARING TO PERSONAL PROTECTION We are recognised for our technology systems, including the the market-leading cheque scanning and processing software, Solchar TJ. But did you know our heritage over 40 years is built on supplying businesses with a range of print, labels and other office supplies? Relying on 20 years experience of supplying the NHS, we provide businesses throughout the UK with PPE, sanitising products, social distancing signage and screens in support of the industry’s return to work. Contact the team to learn more 01924 919689 [email protected] hagueprint.com/PPE The Building Societies Association (BSA) is the voice Contents of building societies in the UK. We also represent six credit unions. Our objective is to push for the best outcomes for our Introduction members across the plethora of new and changing • Welcome from Robin Fieth, Chief Executive of regulation and legislation in the UK and the EU. To do this 3 we work with the UK Government, the EU Commission, Building Societies Association Council and Parliament and regulators, especially the Prudential Regulation Authority and Financial Conduct Authority. In Europe we are a member of the European Editorial Association of Co-operative Banks. • Building back better 5 We also speak out on relevant issues and provide technical information to our members. Our economists • How Scottish Building Society provided a safe haven 6 and specialist policy teams have expertise covering in the storm for customers and communities mortgages and housing, savings, financial policy, and legal and compliance matters. • Now is the time to build a diverse and inclusive workforce 9 Email: [email protected] • Oakfield: a blueprint 11 Web: www.bsa.org.uk • Coventry Building Society: A place to belong 14 Follow us on Twitter: @BSABuildingSocs • Building back better and greener 15 ISBN 978-1-869839-37-6 • Money makes the world go round, but does cash? 18 BSA yearbook (Print) ISSN 2044-7116 • Building a better Society 20 BSA yearbook (Online) ISSN 2057-0333 • From a moment of truth to a movement of trust 23 The views expressed in this magazine are not necessarily those of The Building Societies Association (BSA). This • Council & BSA Team 25 publication (or any part thereof) may not be reproduced, transmitted or stored in print or electronic format • Regional Associations 27 (including, but not limited to, any online service, any database or any part of the internet), or in any other format in any media whatsoever, without the prior BSA Member’s Directory written permission of the publisher. • Alphabetical listing of all BSA members including 29 Although every effort is made to ensure the accuracy contact details and summary financial position of information contained in the magazine, neither the BSA nor the publisher can accept responsibility for any • BSA Associates 79 omissions or inaccuracies it contains. • BSA Overseas Associates 92 Building Societies Association Yearbook is published on behalf of the BSA by Financial Statistics • Key statistics 94 Lansdowne Publishing Partnership Ltd, • Building society operational information 96 11 School House, 2nd Avenue, Trafford Park Village, Manchester M17 1DZ • Building society / mutuals mortgage lending, UK 97 T: 0161 872 6667 W: www.lansdownepublishing.com • Mortgage balances outstanding 98 E: [email protected] • Mortgage gross advances 99 Senior Sales Manager Shahzadi Khan • Number of loans approved 100 T: 0161 872 6667 E: [email protected] • Building society shares and deposits 101 Printed by Buxton Press • ISA inflows 102 • House prices, retail prices & earnings 103 • House prices & sales 104 • Interest rates 105 • Taxation 112 Are you ready for the changing mortgage market? As an adviser, you’ll need to feel condent dealing with more complex mortgage scenarios and specialist cases. And you’ll need to be comfortable communicating your recommendations and knowledge to consumers, so that they know they’re in good hands. That’s why it’s never been a better time to consider enhancing your skills. We have a variety of qualiications for you – whether you’re looking for a new career or to progress in your existing role. CeMAP CeMAP Become a recognised Diploma mortgage adviser with Increase your mortgage our industry benchmark expertise and take the next qualification. step in your career with CeMAP Diploma. Equity Release Protection Support your customers Launched in September to release value in 2020 – Guide your their homes with the customers towards the appropriate equity right package of policies release schemes. so they are financially resilient and protected from risks. How can we work together? Contact us today to discuss how we can support your organisation’s For more information visit development goals. libf.ac.uk/mortgage [email protected] Robin Fieth Chief Executive Building Societies Association “A huge thank you to all staff who work in building societies and Introduction credit unions.” Welcome to the BSA Yearbook for 2020/21. As always, in these pages you will find useful financial and descriptive information about BSA members – all 43 UK building societies and six of the largest UK credit unions. You can also learn more about our associate members which span sectors from fintech to healthcare, legal, accountancy and many others. 2020 has been a year like no other. Just when we value placed on community presence. Branches thought Brexit and the end of transition was the have been evolving for years but for customers biggest challenge we had as a nation, the COVID-19 and brands alike being present remains critical. pandemic swept the world. In the UK we found Some societies have taken a lead in this space, ourselves in months of lockdown, then an easing experimenting with new formats like branches of lockdown, a shift to local lockdowns in response sharing space with other community services. to local spikes and continuing uncertainty about what the coming months hold. Thankfully, the BSA The Black Lives Matter movement has rightly shone transferred seamlessly to home working in March the spotlight on inequalities in our society and the and continued to deliver support, updates, advice need for more effort to achieve workplace diversity and resources to all members. more generally and inclusion for all. This must be achieved in a way that drives and embeds long-term Our members too made this change at lightning change rather than achieving something flashy but speed and I am immensely proud of what our sector short-lived. We and the sector know that there is a has achieved for its members (aka customers), many lot more to do. of them finding themselves in newly vulnerable or challenging circumstances. A huge thank you to In the words of British philosopher, J.S. Mill: all staff who work in building societies and credit “When society requires to be rebuilt, there is no unions. As key workers, you valiantly worked use in attempting to rebuild it on the old plan”. throughout the pandemic serving your members Looking ahead I believe our sector can ‘build back by providing vital in-branch services or setting up better’. Its resilience has been proven many times and then unwinding more than 400,000 mortgage over the past 170 years, all made possible through payment deferrals, talking to customers all the a relentless focus on purpose and membership. while. Thanks too must go to everyone behind the We are already seeing innovation through the scenes who made all this possible. Women in Finance Charter, developments in the green finance space and massive fintech There have also been many stories of individual development – just a few examples of our sector staff helping their members on a personal level – paving the way for a better tomorrow – where carrying shopping home for them or delivering humans serving humans remains central. cash to the doors of some of the most vulnerable. Stories like this really add colour, warmth and The next year won’t be easy, but if we reframe depth to our sector in the bleakest of times. the effects of the pandemic as an opportunity And they made me think about where we might to evolve for the better, then the future looks go from here. promising and BSA members are in a good place to move forward. The world of work is unlikely to go back to the way it was pre-COVID-19. Home working is likely to become more commonplace especially in ‘Head Office’ type roles and virtual or hybrid meetings will remain the norm. This experience has taught us that some of the things we thought were impossible aren’t and that as teams we can achieve “Home working is likely to become more commonplace extraordinary things fast. Leadership styles have especially in ‘Head Office’ type roles and virtual or had to evolve and culture and employee wellbeing (mental and physical) have become a top priority. hybrid meetings will remain the norm.” Whatever happens next, we cannot let these positives go, even though the COVID/Brexit related economic challenges may be considerable. The pandemic also showed the importance and www.bsa.org.uk 3 Mike Regnier Chief Executive Yorkshire Building Society and current BSA Chair Building back better The Building Society sector has certainly stepped up to help members, customers and communities to achieve much needed security during these challenging times. Now we need to work out how we play our part in ‘building back better’ to help communities across the UK thrive in the years ahead. Our experience of the pandemic has reinforced the We have all played our part in helping people stay fundamental role of building societies in helping in their homes with the support of two waves foster personal financial resilience in households of payment deferrals, benefiting some 400,000 right across the UK and in ensuring as many people households, and by allowing members access to as possible are able to access an affordable home.