Building societies make a positive contribution to the UK’s financial services market. They are mutually owned without external shareholders. They account for over 20% of the deposit and residential mortgage markets. Independent research shows that building societies, compared to their competitors, offer lower mortgage rates, higher savings rates and higher standards of service. Building societies are keen to build upon this reputation and believe that their best interests can be served by BSA representing them in all of the key markets in which they operate.
During the second half of 2008 the BSA will be recruiting additional members of staff to fill this gap in the range of services which it offers to its members. It is expected that those staff will play an important role in representing the interests of building societies to regulators, to parliamentarians and to the media, while at the same time helping building societies to understand more the impact of regulatory and economic developments on their own mortgage business.
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