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BSA to expand mortgage roll

Thursday, 12 June 2008 12:00 AM

The Building Societies Association (BSA) has announced it is to expand the work it carries out by representing its members' interests in the mortgage and housing markets.

In recent years the BSA has tended to concentrate on matters such as the savings market, corporate governance and treating customers fairly, but has invested relatively little in mortgage market issues.

However, this is now set to change, with a drive to represent the interests of the UK's 59 building societies to the authorities.

During the second half of 2008 the BSA will recruit up to seven additional members of staff to fill this gap in the range of services which it offers to its members.

It is expected that those staff will play an important role from January 2009 in representing the interests of building societies to regulators such as the Financial Services Authority, to parliamentarians and to the media.

At the same time, the expanded service will help building societies to better understand the impact of regulatory and economic developments on their own mortgage business.

"Recent events have accentuated the distinctiveness of building societies," said John Goodfellow, chairman of the BSA.

"We have attracted record inflows of new savings in recent months and operate a robust and long standing business model.

"This expansion of representation is a natural step for the BSA and will reinforce the standing of building societies in the financial sector. It will help to ensure that the differences between building societies and banks are more widely understood."

Building societies make a distinctive contribution to the UK's financial services market; being mutually owned without external shareholders.

They account for around 20 per cent of the deposit and residential mortgage markets.

"This is an exciting time for building societies and the BSA and we look forward to fully representing the interests of the sector," concluded Mr Goodfellow.

Chris O'Toole

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