Mutuality on the political agenda

The three main political party manifestos reveal their views and plans for mutuals and co-operatives, both within financial services and wider public services.

The Labour Party notes the value of building societies and the strength and diversity that a healthy mutual sector brings to financial services.  The Party says that they will consider a mutual solution as one option for the disposal of Northern Rock, while ensuring that the sale generates maximum value for money for the taxpayer.  Labour also commit to consulting on measures to help strengthen the building society sector. 

The Liberal Democrats assert “mutuals, co-operatives and social enterprises have an important role to play in the creation of a more balanced and mixed economy.  Mutuals give people a proper stake in the places they work, spreading wealth through society, and bringing innovative and imaginative business ideas to bear on meeting local needs.”

The Conservative Party sees mutuality as the way forward within public services and pledge to support co-operatives and mutualisation as a way of transferring public assets and revenue streams to public sector workers; essentially employee-led co-operatives.

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Mutuals retain customer service crown

Mutuals have consistently outperformed plc banks across various aspects of customer service, including treating customers fairly, value for money and being trusted to give good advice. These are the findings of independent research from GfK NOP.

The research shows savers and borrowers with mutual financial providers are more satisfied than customers of other financial providers. 70% of mutual mortgage customers were extremely or very satisfied, compared to 63% of borrowers with other institutions. 59% of savers with mutuals were extremely or very satisfied, compared to 47% of savers with other institutions.

Customers were also asked their opinions on eleven separate aspects of service, and mutual institutions out-scored their plc counterparts in every area, some by very significant margins.

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Three new Associates join the BSA

Clydesdale Bank PLC, Norton Rose LLP and the Water Industry Property Information Network have all joined the BSA as Associates.

Clydesdale Bank PLC
With roots back to its establishment in Glasgow in 1838, Clydesdale Bank has a proud history of innovation and support for Scottish industry and communities. The bank is now a member of National Australia Bank Group which has over 7.7 million customers internationally.  To find out more about them, visit their website 
www.cbonline.co.uk

Norton Rose LLP
Norton Rose Group is a leading international legal practice, offering a full business law service from offices across Europe, the Middle East and Asia Pacific.  To find out more about them, visit their website
www.nortonrose.com

Water Industry Property Information Network
Water Industry Property Information Network is an industry group established to promote good practice and recognised standards within the specialist property search sector.  It aims to provide a recognised focal point for communication with government, regulators, consumer groups, customers and other stakeholders.
To find out more about them, visit their website

Society News

Hanley Economic Building Society wins One Star Best Company award

The Hanley is celebrating having won a prestigious One Star award from Best Companies. Best Companies - the name behind The Sunday Times 'Best Companies to Work For' - looks into numerous areas of your business and is based upon employee feedback.

Entries applying for Star Status were up 32% on the previous year, however only 37% of businesses gained Star Status against 52% in the previous year.