Ipswich seek level playing field for mutuals

The building society hosted its annual general meeting on Wednesday night, where Sarah Evans, Kieron Blackburn and Alan Harris were re-elected to its board of directors.

Paul Winter, chief executive of Ipswich, said: “We need government to support building societies by creating a level playing field with shareholder owned businesses, especially in the areas of capital raising and opening up the money transmission markets.

“This would help the sector to offer a full range of banking services. It already works in the US and Australia. Why not here?”

Ipswich said it is aiming to be the most socially responsible building society in the UK based on how it treats its members, employees, suppliers and communities.

Winter added: “Far from decreasing in relevance, regional mutuals such as Ipswich Building Society will form an important role in the future of financial services.

“Since 2007/8 building societies have offered an alternative to banks, taking market share in the savings and mortgage markets.”