Building Societies Association welcomes measures to support growth, housing and financial inclusion

The Building Societies Association (BSA) has welcomed the Government’s legislative programme set out in today’s King’s Speech, highlighting important measures to support growth, housing and financial inclusion. 

In particular, the BSA welcomed the Enhancing Financial Services Bill, which includes reforms to enable credit unions to expand membership and serve more communities, helping widen access to affordable finance. The Bill also aims to modernise the regulatory framework and support lending to households and businesses, creating opportunities for mutual lenders to grow. 

 

Sarah Harrison, Chief Executive of the Building Societies Association, said:

“Credit union reforms will help them grow, enabling more people to access fair, straightforward financial services – essential at a time when household finances are under real pressure. Access to affordable borrowing and a safe place to save can make a real difference.

“We’re also encouraged that changes to building society legislation are due to be progressed before the Summer Recess. Keeping the Building Societies Act up to date will help building societies compete on a level playing field with banks and do more of what they do best: innovating to support first-time buyers and help people build financial resilience. Building societies already provide 1 in 3 first-time buyer mortgages and enabling the sector to grow means supporting more people and communities across the UK.”

Ends

Notes to Editors:

The Building Societies Association (BSA) represents all 42 UK building societies, including both mutual-owned banks, as well as 7 of the largest credit unions. Building societies and mutual-owned banks have total assets of almost £680 billion and together with their subsidiaries, hold residential mortgages of almost £495 billion, 29% of the total outstanding in the UK. They also hold over £495 billion of retail deposits, accounting for 23% of all such deposits in the UK. Building societies and mutual-owned banks account for 46% of all cash ISA balances.  

With all of their headquarters outside London, building societies employ around 52,300 full and part-time staff.  In addition to digital services, they operate through approximately 1,300 branches, holding a 35% share of branches across the UK.