Cutter re-elected to BSA chair

At the same time, David Marlow, chief executive of the Nottingham Building Society has been elected as deputy chairman for 2014/15.

Cutter said: “I am delighted that I have been re-elected as BSA chairman for 2014/15, and am looking forward to the challenges and opportunities that will undoubtedly arise in the coming year.

“The past 12 months have been characterised by change and development for all those working in financial services. We have two new regulators, a revised mortgage regulation process and an array of government schemes designed to help people get on to or move up the property ladder.

“Looking at our sector specifically, we have seen the launch of Core Capital Deferred Shares (CCDS) as a new way of raising capital for mutuals, strong sets of results across the board, an abundance of digital innovation and community activity and in terms of net lending over the past year – mutuals did it all.

“We must now look forward and focus on what we want the financial services sector to look like in the future ensuring that it best serves the interests of our members. Shaping the banking sector; diversity; governance and appropriate regulation are all themes and topics we will be considering in 2014 and beyond.”

Marlow, added: “Building societies have emerged as resilient and forward-looking organisations from the financial crisis and the economic slow-down that followed.

“The uniqueness of the sector and the diversity of organisations within it make for an exciting challenge that I am pleased to have the opportunity to share.

“Building Societies are well placed to continue to take market share from the big banks, but we cannot be complacent. To remain relevant to customers we will need to continue to improve our offering and service.

“As BSA deputy chairman, I look forward to a year where we continue to reinforce the fact that building societies and other mutuals are very real challengers to plc banks, and that we continue to work hard together to reinforce those areas, such as great service, that we believe we do better than the large, high street banks.”