Stepping into the role of Chair is a privilege at any time, but doing so now carries particular significance. The landscape is shifting towards greater recognition of organisations with clear social purpose, deep community ties and long-term commitment to serve consumers rather than external shareholders.

Mutuals have always embodied these qualities, yet today, with the government’s stated ambition to double the size of the mutual and co-operative sector, we have a real opportunity to be at the forefront of practical change in housing, savings and financial resilience. It is an opportunity that we must seize.

This is why the Building Society Sector Growth Plan matters. It sets out a clear route to unlocking the sector’s full potential. The plan calls for better access to mutual capital and a regulatory framework that reflects the sector’s lower-risk approach. These changes would give us more opportunity to innovate, to support more first-time buyers, to strengthen financial resilience and to act with confidence on long-term community priorities.

To achieve this we need visibility, influence and collaboration. We need a stronger dialogue with government, regulators and policymakers so that the mutual model is understood and fairly considered. As Chair, one of my priorities is to deepen engagement to ensure the mutual perspective is part of every conversation on housing, savings and community prosperity. 

Building societies are champions of ordinary working people and play a key role in keeping the financial services market competitive. Without us mortgage rates would likely be higher and savings rates lower, and we consistently deliver growth that outpaces our share of balances. But the real measure of our contribution is not in the numbers alone; it is in the impact we have on people’s lives: access to a safe home, the ability to save with confidence and the reassurance that decisions are taken in the interests of members. 

We cannot, however, be complacent. Consumer expectations and the challenges they face are evolving. In this role, I want to widen the range of voices I listen to, seeking out perspectives that are not always heard in the rooms where decisions are shaped. Doing so will help ensure the messages we convey, and the actions we call for, genuinely reflect the realities our members face. 

This is not a task for me alone. I’m excited to be working with Sarah Harrison as the first female Chief Executive in BSA history. I’m also delighted that Susan Allen and Caroline Domanski have both been appointed Deputy Chairs. Having two Deputy Chairs is another first for the BSA, and will help us to maintain continuity as the sector navigates a period of significant change. It also enables us to have more balance and raises the voice of our credit union members.

But we will only succeed in strengthening the role building societies and credit unions play in supporting the financial wellbeing of communities across the UK with the continued support of our members and the commitment and energy of the BSA team. I look forward to working together to turn this moment of opportunity into meaningful progress for the people and communities we are here to serve. It is my honour and privilege to serve as Chair, and I will do everything I can to move our collective goals forward.

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