BSA: Diversity should be a key part of the Independent Commission’s inquiry
Commenting on the publication of the Independent Commission on Banking’s Issues Paper, Adrian Coles, BSA Director-General, said:
“We welcome the publication of this paper. It raises a whole range of issues to consider, and building societies and mutuals will want to contribute their voice to the debate.
“The Commission rightly draws attention to the fact that the UK retail market is especially concentrated compared to other overseas markets. We hope the Commission examines in great detail the ways in which the dominance of a small number of large state-backed banks in the provision of mortgages, savings and current accounts can be reduced, through an appropriate mix of structural and regulatory reforms.
“It is very important that the Commission takes into account the Coalition Government’s commitment to foster diversity and promote mutuals. A recent report from the University of Oxford set out ways to promote mutuals which deliver financial stability, a lower appetite for risk, a focus on service and member engagement.
“A strong and vibrant mutual sector is good for society and for everybody’s financial well-being – not least because we need a significant part of the financial system to concentrate on satisfying customers’ needs, rather than shareholders’ returns.”
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Notes to Editors
1. The Building Societies Association (BSA) represents mutual lenders and deposit takers in the UK including all 49 UK building societies. Mutual lenders and deposit takers have total assets of over £365 billion and, together with their subsidiaries, hold residential mortgages of almost £235 billion, 19% of the total outstanding in the UK. They hold more than £245 billion of retail deposits, accounting for 21% of all such deposits in the UK. Mutual deposit takers account for about 36% of cash ISA balances. They employ approximately 50,000 full and part-time staff and operate through approximately 2,000 branches.
2. Photographs of Adrian Coles are available from the BSA press office, or from the Association’s website at www.bsa.org.uk or Headlinemoney www.headlinemoney.co.uk.
3. The Oxford University Report, Promoting corporate diversity in the financial services sector, can be viewed here www.kellogg.ox.ac.uk/
Rachel Le Brocq
Press and Public Affairs Manager
The Building Societies Association
6th Floor, York House
23 Kingsway, London
WC2B 6UJ
Tel: 020 7520 5905
Mobile: 07773489644
Fax: 020 7240 5290
www.bsa.org.uk
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