And David Marlow, chief executive of Nottingham Building Society has been elected as deputy chairman.
Cutter said: “The past 12 months have been characterised by change and development for all those working in financial services.
“We have two new regulators, a revised mortgage regulation process and an array of government schemes designed to help people get on to or move up the property ladder.”
The BSA’s 2014 focuses will be on diversity in the banking sector, governance and appropriate regulation.
“We must now look forward and focus on what we want the financial services sector to look like in the future ensuring that it best serves the interests of our members,” he added.
Cutter said that building societies were well placed to continue to take market share from the big banks they could not afford be complacent.
“To remain relevant to customers we will need to continue to improve our offering and service.”
