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BSA Yearbook 2014/15

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BSA Yearbook 2014/15 Facts, Figures & Opinions BSA Yearbook 2014/15 209111-BSA2014 CLAYTON EURO.indd 1 27/08/2014 12:03 The Building Societies Association (BSA) is the voice of Contents building societies in the UK. Our objective is to push for the best outcomes for building societies across the plethora of new and Introduction changing regulation and legislation in the UK and the • Welcome from David Cutter, Group Chief Executive of 3 EU. To do this we work with the UK Government, the Skipton Building Society and BSA Chairman EU Commission, Council and Parliament and regulators, especially the Prudential Regulation Authority and • What a difference a year makes by Robin Fieth, 4 Financial Conduct Authority. In Europe we are a member BSA Chief Executive of the European Association of Co-operative Banks. We also speak out on issues relevant to building societies Editorial and their members and provide technical information • Members first 6 to our members. Our economists and specialist policy teams have expertise covering mortgages and housing; • All In for a better future 9 savings; financial policy, and legal & compliance matters. • How radical is a building society? 10 Email: [email protected] • Placing trust and integrity at the heart of our values 13 Web: www.bsa.org.uk • Yesterday and today – a 150 year legacy 14 Follow us Twitter: @BSABuildingSocs • Members at the heart of everything 16 • Becoming a digital society: evolution or revolution? 17 • Building a digital society 18 • Building societies are changing – you can bet money on it! 20 • First impressions count 22 • Driving customer engagement in mortgages through digital 23 The views expressed in this magazine are not necessarily those of The Building Societies Association (BSA). This • The digital journey 24 publication (or any part thereof) may not be reproduced, • Council and BSA Team 26 transmitted or stored in print or electronic format (including, but not limited to, any online service, any • Regional Associations 27 database or any part of the internet), or in any other format in any media whatsoever, without the prior written permission of the publisher. BSA Member’s Directory Although every effort is made to ensure the accuracy • Alphabetical listing of all BSA members including 29 of information contained in the magazine, neither the BSA nor the publisher can accept responsibility for any contact details and summary financial position omissions or inaccuracies it contains. • BSA Associates 75 Building Societies Association Yearbook • BSA Overseas Associates 90 is published on behalf of the BSA by Financial Statistics • Key statistics 92 • Building society operational information 94 Excel Publishing Company Ltd • Building society / mutuals mortgage lending, UK 95 6th Floor, Manchester One 53 Portland Street, • Mortgage balances outstanding & gross advances 96 Manchester M1 3LD • Building society shares, deposits & wholesale funding 97 Tel: 0161 236 2782 www.excelpublishing.co.uk • Loans approved 98 • ISA inflows 99 Advertising Sales Yvonne Alder • House prices, retail prices & earnings 100 0161 661 4155 • Personal sector liquid assets 101 [email protected] • House prices & volume of sales 102 Printed by Buxton Press • Interest rates 104 PEFC Certied • Taxation 110 This product is from sustainably • Financial organisations 111 managed forests and controlled sources PEFC/16-33-576 www.pefc.org 209111-BSA2014 CLAYTON EURO.indd 1 27/08/2014 12:03 Valuing all we survey! Chartered Surveyors, valuers, panel managers, valuation auditors, specialist providers of retrospective investigations and expert witness advice, asset management support and a raft of tailored services... alliedsurveyors.com • [email protected] • 0333 666 7777 209909-BSA2014 ALLIED SURV.indd 1 27/08/2014 12:13 Welcome to the BSA Yearbook: 2014/15 Following the successful joining in July of the However, let’s be honest, if you were to ask a David Cutter two societies based in Northern Ireland – now representative group of building society customers Group Chief Executive, operating as one as the Progressive Building what they thought about the concept of mutuality Skipton Building Society Society – the sector now has 44 individual per se, it is a fair bet that many would look at you and BSA Chairman societies – that between them bring around 48 blankly. So it is as well that it goes well beyond the separate building society brands to the UK high structural and is embedded in the daily operations street. We welcome the Family Building Society, a and decision making of societies. targeted offering from National Counties, as the newest mutual brand on the block. Being mutual has as its primary purpose the central tenet of working for the benefit of I am pleased to say that the past financial year members and this is what occupies us all. Success has been characterised by results which include means that an individual customer sees the multiple reports of increased capital, profitability difference. Whether that is how they are treated, and to my mind one of the most important the products and rates they receive or one of the indicators – increasing membership. In the other multiple factors which together add up to following pages you can find the story of each satisfaction. We have started to measure some of society painted in numbers, relevant to individual these important factors on a quarterly basis and year ends which range from August right through some of the first results are set out here. to April. We also sought to capture some of the essence Clearly these numbers are crucial, but building of ‘the mutual difference’ by asking a number of societies are about far more than that. The 44 societies, both national and regional; from the are diverse in many ways, from size and location North and the South of the UK to talk about through to business model. However a number what makes the mutual difference for them and of things bind the sector together. The most their customers. I hope that you find their stories obvious is a powerful form of democracy where interesting. borrowing and saving customers automatically Way back in 1867 (just two years before the become members of their society. It is in this Elsewhere in the Yearbook we tackle another BSA was formed), Disraeli, who subsequently capacity that our customers collectively own the rising theme: the future of digital. We hear from became Prime Minister, said: “In a progressive society they do business with. To my knowledge a number of BSA members, together with other country change is constant.” That sentiment nowhere else are the majority of customers so experts in the field. This is a topic which can only is as relevant today as it was then and clearly close to the decision-making of an organisation grow in importance, as executive and board teams applies to financial services and the building whose products and services they buy. wrestle with fundamental risk/reward decisions: society sector too. However, in the face of whether and when; how far and how fast to move change I am very optimistic about the future for down the path of digital in its various forms. building societies. Customer satisfaction n Building societies n Banks 97% 96% 94% 93% 93% 93% 93% 91% 90% 88% 86% 86% 86% 85% 84% 84% 81% 77% My provider I can trust my I feel as though I would My provider My provider My provoder My provider The financial provides good provider to act in my provider recommend makes me feel offers provides good treats me as an products offered customer service my best interests treats me fairly my provider to as though my competitive value for money individual by the my as a customer my friends and business is rates provider are easy family valuable to them to understand Survey by Canadean to a sample of 1849 UK adults aged 18+. Field work undertaken 11-14 July 2014. www.bsa.org.uk 3 Robin Fieth Chief Executive BSA What a difference a“ year makes If I had been writing for last year’s Yearbook,” I might have Diversity is not just a theme relevant to the housing been bemoaning a UK economy slowly edging its way out market in the UK. In my view it should be top of mind of the doldrums which followed the financial crisis. What a amongst policy makers and regulators too. Why? Well difference a year makes. not because it is some sort of woolly nice to have. Looking to the long term shape of the financial services sector, if In April 2014 the IMF forecasted UK economic growth of it isn’t diverse, it will neither be truly competitive nor as 2.9%. By July, UK performance caused them to raise that resilient to shock as it could be. forecast to 3.2%. This makes the UK the fastest growing economy in the G7 – a very different narrative from that Clearly diversity incorporates ownership model, not of triple dip recession. just because the ethos of plcs and building societies is different. That’s inevitable as the plc structure is beholden Whilst we should celebrate improvement, and continue to ordinary shareholders, and the primary purpose of to contribute to it, we should keep an eye on external societies is to work on behalf of their members. However, factors which could yet affect our economy. Some, like diversity goes much wider, including different sizes and the conflicts in the Middle East and Ukraine, seem distant. locations of firm, regional and local not just London- Others, like the uncertainties around interest rate rises, centric. the future of the UK in the EU, and the outcomes from the Scottish referendum are closer to home. We are also now The definition of competition as a market which contains on the glide-path to the May 2015 General Election.
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