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Members' Review Members’ Review Members’ Review A year in view 2018 2 Members’ Review 2018 Contents Welcome 2-3 What comes next? 4-5 Let’s get digital 6-7 55+ Retirement Mortgages 8-9 With you, every step of the way 10-11 Summary Financial Statement 12-15 Auditor’s Statement 16 Summary Directors’ 17-18 Remuneration Report Member information 19 Welcome... to your 2018 Members’ Review. As a member of the Marsden, we want to share with you our success in year and outline our plans for 2019… The Marsden, as it has for 159 years, operates £514.2m). In last years’ Members’ Review, for the benefit of members now and remains I outlined our plans forward for business committed to continued investment and change. I’m proud to report that alongside this staying relevant for the future. We continue milestone we’ve also made great progress to build on our simple purpose within society in these areas, from technology changes to support people in owning their homes and improving the foundations of our digital saving for their future and as the world around capability, to increases in our product ranges us changes we evolve to make sure that we supporting wider choice for our members. stay true to our roots. We’ve improved our people development 2018 was a real milestone for the Marsden providing structure and support to make the as we increased the size of our business to Marsden a great place to work and to reward over half a billion pounds for the first time and recognise the people who make the in our history (assets increasing by 8.8% to Marsden what it is today. Trusted by you since 1860 Member Services 01282 440500 www.themarsden.co.uk Members’ Review 2018 3 Our people and our members“ make the Marsden what it is today, we’ve reached a milestone this year and are excited to let members know what comes next…” Trusted by you since 1860 facebook.com/MarsdenBuildingSociety @MarsdenBS 4 Members’ Review 2018 What comes next in 2019? I am immensely proud of what the Marsden team has achieved. Together, we’ve delivered a strong year of performance, both financially and built the organisational capability to support our future services. 2019 will be an equally busy period for the Marsden, our continued success dependent upon the commitment and enthusiasm we bring as a team. In the coming year, we will maintain our focus on the strategic priorities to ensure we continue “to do the basics brilliantly” and at the same time defining our decisions for investment, supporting our people to ensure we deliver the products and services needed by our members. Our plans for improved digital capability are complementary to what our members experience in their interaction with colleagues Customer Experience We continue to attach importance to the customer journey and to remove the friction in doing business with the Society. Our programmes aim to continually evolve and improve the services we offer and in doing so, making it easier for members, colleagues and intermediaries to do business with us. People We’re a growing business and with that, a growing team. We’ve set our ambition forward around what we need to deliver across our infrastructure, estates and technology, maintaining a continued focus on investing in our people which is paramount. We remain focused on creating an environment where working as a team is celebrated, where colleagues continue to feel part of something special. Technology Our business has seen huge amounts of change, we’ve substantially completed our IT transition plans, upgraded our core platforms and launched our new Savings Online service to existing customers. In the coming year, we have plans to build on this (as detailed on page 6, ‘let’s get digital’). Trusted by you since 1860 Member Services 01282 440500 www.themarsden.co.uk Members’ Review 2018 5 across all our teams, our plans will deliver increased support for how members connect with their Society, something that is important today but becoming increasingly important in our future. Excited by the challenge this represents and ever mindful of the external environment and the changes that this will bring, we have an assured confidence that is drawn from the successes we continue to deliver year on year. Another busy year ahead, I look forward to sharing an update with you in the future! Rob Pheasey Chief Executive Products We have a track record of innovation as seen with the launch of our lending in Guernsey, introducing our Family Step mortgage (up to 100% mortgage with family support), Retirement Interest Only (RIO) mortgages and the widening of our savings account range. This remains an important aspect of our future, offering solutions that meet the financial needs of our members. Reach We want more people to experience what we do here at the Marsden so this year we’ve been working hard to get the message out to new members and have welcomed over 3,000 new members to the Society. This builds into 2019, introducing email newsletters to keep in touch with our existing members (join in on our website!) and increasing access to Society. Investment Strategic investment in the Society remains significant, supporting improved efficiency, as well as developing new products and services. We also look forward to welcoming more colleagues supporting our operational capability and strengthening our resilience for the long-term interests of our members. Trusted by you since 1860 facebook.com/MarsdenBuildingSociety @MarsdenBS 6 Members’ Review 2018 Let’s get digital… Since we first opened our doors, we’ve been adapting to the pace of change and digital advancement is just another step on our journey. It delivers the capacity and resilience to support our future plans. We want members to have increased levels of access to the Society digitally as well as ensuring that these services are simple and straightforward. What have we delivered so far? 3 Substantially completed our IT transition plans which deliver future capacity and improved resilience 3 We’ve upgraded our core systems to support mortgages and savings administration 3 Transitioned our existing Online Savers to the new and improved digital platform 3 We’ve introduced debit card receipt facilities in branch for deposits over £1,000 So what’s coming next?… Stay on top of all our latest news… Sign up to receive our newsletter on the Marsden website or speak to a member of our team to join! Trusted by you since 1860 Member Services 01282 440500 www.themarsden.co.uk Members’ Review 2018 7 Coming up in 2019... Savings Online We’ve introduced existing Savings Online customers to our new and improved platform. This will soon be available for existing branch customers to view their passbook accounts online too. Digital Mortgages Our mortgage intermediaries now have access to Intermediaries Online, a digital platform to submit new mortgage applications, track progress and receive notifications of how applications are progressing. Later in the year, we will launch Retention Online, a digital platform making it easier for our borrowers to review their mortgage retention options and select their new mortgage with the Society. Digital Engagement This year, we’ll launch our member newsletter where you can keep up to date with the latest Society news - including digital developments, latest products and our support in the community. We’re continuing to build a stronger Society through our financial strength, our investment in technology, our operational resilience and in the capabilities of our people. Trusted by you since 1860 facebook.com/MarsdenBuildingSociety @MarsdenBS 8 Members’ Review 2018 55+ Retirement mortgages How we’re building support for Later Life Lending at the Marsden… A quick guide to see whether you are eligible: (only one borrower 55 needs to be over 55) The minimum value of your property must be £150k Interest only and mortgage lending up to a maximum of We’re working to build awareness around OF YOUR % PROPERTY options available to customers over 60 VALUE the age of 55 who are looking to keep their existing mortgage or to take a new Minimum income per application is mortgage in retirement. We often get asked the question, “why are customers looking to borrow in retirement?”. £17.5k Here’s some of the main reasons why customers (this can be taken from your are looking for solutions; pension or earned income). “For home improvements” “Already have a mortgage but no lender Why when you get to a certain age would you stop to support” investing in your home? One of the Marsden’s top Some customers already have an existing interest reasons for lending to the over 55’s is to support only mortgage that they’re looking to extend home improvements for customers in their existing in retirement but are facing barriers from their property. existing lender. “For that holiday” “Supporting a step on to the ladder” With many years paying off their mortgage and First time buyers are struggling to get on the having plans to downsize in the future, some property ladder and the Marsden is finding customers are opting to release the funds now that grandparents and parents want to help the taking that holiday they’ve always wanted. younger generation with that first step by releasing the deposit from their property. Trusted by you since 1860 Member Services 01282 440500 www.themarsden.co.uk Members’ Review 2018 9 This is a representation and not reflective of Mr and Mrs Carter We’d been turned down“ by several lenders because of our age. The Marsden team were easy to deal with and reassuring throughout.
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