Building societies 'perfect challengers' to banks, says Ipswich BS

The meeting provided members with the chance to hear about the Society's business performance in 2013 and its longer term ambitions. All formal items on the agenda were approved, including the re-election of Sarah Evans, Kieron Blackburn and Alan Harris to the board of directors.

In his speech Paul Winter, Ipswich Building Society, Chief Executive, set out how poor banking behaviours, mean that a financial services business acting on behalf of its members offers a real alternative- just as the Society has done so over the last 150 years.

He said:

"Far from decreasing in relevance, regional mutual's such as Ipswich Building Society will form an important role in the future of financial services. Since 2007/8 building societies have offered an alternative to banks, taking market share in the savings and mortgage markets. The opportunity now is for a building society to clearly demonstrate how their behaviours and values differentiate them from banks and other societies."

"We need Government to support building societies by creating a level playing field with shareholder owned businesses, especially in the areas of capital raising and opening up the money transmission markets. This would help the sector to offer a full range of banking services. It already works in the US and Australia. Why not here?"