Consumers
Is it just members that benefit from building societies?
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Along with the advantages to members of building societies, it is also in the interest of the financial sector as a whole that an alternative to banks exists. The more diversified the financial system is, the more likely it will be able to meet the stresses and strains that emerge as part of the normal business cycle and as a result of changes in consumer preferences. The presence of building societies not only provides choice and diversity, but also provides a competitive benchmark for banks and other financial institutions, without which margins could well increase.
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