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Political Perspectives on Mutuality

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Political Perspectives on Mutuality No. 29 Autumn 2013 Policy Special Political perspectives on mutuality Robert Buckland, Conservative MP for South Swindon Lord Kennedy of Southwark, Labour Peer Plus Five minutes with… Sue Lewis, Chair of the Consumer Panel Martin Shaw: The Association of Financial Mutuals Funding for Lending Leverage Ratios Getting the housing Self Build market moving: BSA members speak out welcome HELLO AND WELCOME TO THE AUTUMN EDITION OF » spotlight on 3 SUE LEWIS, CHAIR OF SOCIETY MATTERS. THE FINANCIAL SERVICES CONSUMER PANEL We also have news from the mutual sector itself. Our members inform us about what it is they » news 4 are doing to get the housing market moving, FUNDING FOR LENDING: plus Cumberland Building Society answers a ONE YEAR ON few questions on how they deal with vulnerable consumers, an issue well documented in the » demistifying 5 media as of late. THE LEVERAGE RATIO - We are also pleased to welcome contributions SILVER BULLET OR SNAKE OIL? from Parliamentarians, including MP for South Swindon Robert Buckland and Labour Peer » policy special Lord Kennedy of Southwark. They provide us PARLIAMENTARY PERSPECTIVES with some insights on the world of mutuality ON MUTUALITY from a Parliamentary perspective, plus give us something to think about for the future. Group ROBERT BUCKLAND, MP 6 Chief Executive of Skipton Building Society and LORD KENNEDY OF BSA Chairman David Cutter has also responded SOUTHWARK 7 to these comments offering his thoughts on the changing world of financial services. RESPONSE FROM DAVID CUTTER, Our spotlight this time is on the new Chair BSA CHAIRMAN 8 of the Financial Services Consumer Panel, I AM DELIGHTED THAT WE HAVE Sue Lewis who gives us a bit of background BEEN SO BUSY, IT HAS GIVEN 9 about the work they are doing to support the » overview US THE OPPORTUNITY TO DEMONSTRATING THE Financial Conduct Authority. Sue also lets us FURTHER PROMOTE THE GOOD MUTUAL ADVANTAGE know what she plans to bring to the table to WORK THAT THE MUTUAL ensure that good consumer outcomes are at » community 10 SECTOR IS DOING... the forefront of business. PROTECTING VULNERABLE We also thank Martin Shaw Chief ADULTS Executive of the Association of Financial They say that the summer months are supposed Mutuals and Anna-Marie DeSouza, Editor » interview 11 to quieten down. I don’t know who ‘they’ are, of Build It magazine for taking the time SELF BUILD MORTGAGES but here at the BSA we have had no such lull. to inform us about their specialist subject I am delighted that we have been so busy, it has areas. We have also received an interesting » innovation 12 given us the opportunity to further promote piece from Marketing and CSR Officer, MUTUALS: MOVING the good work that the mutual sector is doing, Joanne Palfrey who gives us an insight THE MARKET plus get involved in some brilliant campaigns, into the world of work from an Ipswich important lobbying and take part in some Building Society perspective. 14 excellent debates. » opinion Enjoy THE IPSWICH & ME This edition of Society Matters brings together Victoria Bamber some updates from our own staff over issues very Society Matters Editor » news 15 much in the public eye, such as the Funding for NEW ASSOCIATES Lending Scheme and Leverage Ratios. diary 16 » Society Matters is a publication of the Building Societies Association - ISSN 1756-5928. BSA EVENTS The views expressed by authors in this magazine are not necessarily those of the Association. Director-General Adrian Coles [email protected] Editor Victoria Bamber [email protected] BSA, 6th Floor, York House, 23 Kingsway, London, WC2B 6UJ www.bsa.org.uk Designed by Solo, Mariners Wharf, 8 Holyrood Street, London, SE1 2El www.solodigital.co.uk 2 spotlight on SUE LEWIS CHAIR OF THE FINANCIAL SERVICES CONSUMER PANEL ENSURING THAT THE VOICE OF THE CONSUMER IS HEARD IN THE FINANCIAL SERVICES SECTOR HAS NEVER BEEN OF MORE IMPORTANCE. NOW, THE NEW CHAIR OF THE FINANCIAL SERVICES CONSUMER PANEL SUE LEWIS, TELLS SOCIETY MATTERS HOW THEY ADVISE AND CHALLENGE THE FINANCIAL CONDUCT AUTHORITY AS REGULATORY POLICY IS DEVELOPED. products and ended up in serious Finish this sentence. The most debt as a result. Professionally, I important financial lesson I have led a number of financial services learnt is... policy areas in the Treasury; seeing Pay attention. It is very dull, but a few Ministers’ postbags was a real minutes shopping around, checking eye-opener. My current Board your savings rate hasn’t dropped to roles are all related to financial zero, paying off credit cards on time Given how recently the current And we shouldn’t forget the services: the CII Professional or making sure you have funds to regulatory system came into Prudential Regulatory Authority Standards Board; Personal Finance cover direct debits can save a lot of being, how do you plan to use (PRA), which, regrettably, has no Education Group (pfeg) and money. I would rather have that cash your position as Chair of the Consumer Panel despite its impact StepChange debt charity. I also than give it to my bank. Panel in ensuring that good on consumers. work internationally on financial If you were to be invited to be consumer outcomes are at education. So I know a little bit Do you think there is a role for Prime Minister for the day, what the forefront of the Financial about a lot; and have developed the Panel to play in working would be top of your agenda? Conduct Authority’s business? a passion for doing things which with industry to improve Financial education for every child. Making markets work better is help people get a better deal from consumer outcomes, outside of Pfeg got financial education into the very different from the FCA’s financial services and avoid serious the formal requirements of the secondary curriculum, I would extend remit. The early signs are good, problems. new regulatory regime? but I will be keeping the pressure this to primary schools and make it on the regulator to match its Yes. I do not believe that firms get What are your key policy happen in every school. Young people tough words with fast, transparent, out of bed intent on ripping-off priorities for 2013/14 and why? often need to manage greater risk tough actions. their customers. Yet people feel I’ve inherited a packed agenda, and financial complexity than their cheated and irritated by a myriad and we won’t be looking at new parents did. Money skills are essential As the newly appointed Chair of of practices: hard selling ‘add- priorities until the autumn. to help them do this. the Financial Services Consumer ons’; ‘teaser’ rates; treating new I expect we will focus on the You’re stranded on a desert island. Panel, what role do you see for customers better than loyal ones; FCA’s new responsibilities: for What book, luxury item and the Panel in representing the the barriers to making insurance competition, including access, and musical track could you not live interests of consumers more claims. I would really like to debate consumer credit. I’m interested in without? broadly, even beyond the remit with the industry why they find the winners and losers from cross- A big travel guide to the world. of the FCA? it so hard to treat customers in subsidies. I would also like to see A hamper of everyday essentials: red The day job is to advise the FCA, a straightforward way. Mutuals better joining-up with the Money wine, electronic cigarettes, olive oil, but we also need the voice of the often score highly on customer Advice Service. Regulation alone lemons, Greek yoghourt, Java coffee, consumer to be heard in the wider satisfaction - maybe there are some won’t deliver well-functioning dark chocolate. I would listen to In regulatory debate. This means lessons to be learned here. markets: we also need consumers Paradisum from Faure’s Requiem. influencing Government to get exercising informed choice. How do you think your past the right legislative framework, roles and experiences will help as the Panel did with the 2012 with your new position as Chair Financial Services Act. We also of the Consumer Panel? need to be active in the EU, For more information about the Financial Services Consumer which generates so much of our My parents were unbanked. I’ve Panel visit www.fs-cp.org.uk financial services legislation. used and abused a lot of financial 3 news FUNDING FOR LENDING: ONE YEAR ON AFTER CELEBRATING ITS ONE YEAR their balance sheets, partly to ANNIVERSARY, JOE THOMPSON, BSA BUSINESS comply with new regulatory ECONOMIST, ANALYSES THE IMPACT THE standards. Rather than use the cheap funding available via the FLS GOVERNMENT’S FUNDING FOR LENDING to expanding their lending they SCHEME HAS HAD ON SAVERS, BORROWERS have used it to strengthen their AND THE WIDER UK ECONOMY. capital positions. In the long term this should help to put banks in a better position to lend, but it was The first of August marked one not the primary stated outcome year since the Bank of England’s hoped for by the Bank. However, Funding for Lending Scheme it might have been the case that (FLS) opened to banks and without the FLS the reduction in building societies. This scheme was lending would have been much launched as a direct policy response more severe. to the threat of elevated bank In April this year the Bank extended funding costs to the UK economy. the scheme by 12 months and The objectives of the scheme were FLS eligible lending 30 June 2012 - 31 March 2013 provided further incentives for to increase the supply and reduce Mutual lenders +£7.3 bn institutions to lend to small the cost of credit to households and businesses.
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