Following over a decade at the helm of The Cambridge and a year as Deputy Chair, Stephen will undertake year-long duties promoting the sector to ensure members continue to benefit from the diversity that building societies bring to the UK’s financial services market.
Commenting on his election, Stephen Mitcham said: “I am taking over as BSA Chair with a strong belief in the critical part that building societies play in today’s financial services market. Being customer-owned we can operate differently, able to take a longer term view. The visible effect is to add to consumer choice, allowing us to serve not only the mainstream but those customers with more complex needs who are underserved by the rest of the market.
“The experience I have gained in leading The Cambridge over the last 11 years has reinforced my view that the mutual movement has a key role in helping people across the country both find a safe and secure home and develop the savings habit. Building societies not only have a history to be proud of but a bright and vibrant future to look forward to.
“My 12-month tenure will see the UK leave the European Union and enter into whatever transition arrangements are eventually agreed. As UK-domestic players, building societies are well placed to operate through the inevitable changes that will come, but the sluggish UK economy is of concern. Our focus is to do everything possible to promote the interests of our 23 million members, savers and borrowers alike.”