With the future of mutuality under the microscope thanks to the struggles at the Co-operative Bank BSA chief executive Robin Fieth said the sector must be preserved.
“At this stage of post crisis regulatory repair we should be looking ahead to avoid the traps,” he told the trade body’s annual conference in Manchester.
“But more than this to work to positively foster a financial services sector that is trusted and respected. An industry that puts customer interests first and is strong, diverse and vibrant with a strong mutual component.”
He said the stability of the mutual sector had been shown during the financial crisis.
“Building societies have an opportunity to secure a sustainable competitive advantage.
“Mutuality is not an ownership technicality nor is it rose-tinted, but a tried and tested business approach which has seen societies grow and flourish in times of plenty and times of crisis based on the reality that if you look after your customers then business and profit will follow.”
