Speaking at last week’s Building Societies Association (BSA)’s annual conference, newly appointed CEO Sarah Harrison delivered her first major address in the role – setting out a vision for mutualism, credit unions, and the future of UK financial services.
Addressing delegates in Edinburgh on 29 April, Harrison made the case for building societies and credit unions as the UK’s “modern mutual alternative” at a time of financial pressure and declining trust in institutions.
“The UK needs a strong, modern mutual alternative – to rebuild resilience, support home ownership and restore trust,” she said. “And we are that alternative.”
Harrison argued that mutuals offer a path forward for responding to rising financial pressure, plummeting savings rates among young people, and widespread housing insecurity. She highlighted a widening gap in financial confidence and access, citing the fact that nearly half of 18-24 year olds do not have a savings account, while a third of aspiring buyers believe they will never own a home.
To an audience gathered from building societies and credit unions, Harrison said: “You are uniquely placed to help people save, start small, build habits, and grow confidence and resilience over time. Nearly half of all the mortgages you provide are to first-time buyers and one in three of all first time buyer mortgages across the market come from you.
“Where others optimise for volume, you focus on the person and find responsible ways to be able to say ‘yes’.”
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She added: “Being owned by members – not shareholders – enables long-term thinking. Being rooted in place and community, builds connection, accountability, and establishes trust.”
This operating model gives mutuals a distinctive role in delivering “good growth”, said Harrison.
“Growth that is sustainable. Growth that reaches more people with more services. And growth that delivers real outcomes – today and for future generations,” she added.
This means seeing mutuals not just as product providers, she argued, but as “long-term partners in people’s financial lives,” supporting financial resilience, inclusion and confidence over time.
And she called on government to provide “stable, joined up” policy on savings, housing, and growth as well as a regulatory framework that values the diversity of the mutual sector.
Harrison went on to outline what the BSA will look like under her tenure, sharing a series of pledges that will be “focused, practical, and outcomes driven” – ranging from advocating for mutuals with government and regulators to developing more partnerships with associates, suppliers, fellow mutuals and international peers.
“Mutuality should be our greatest strength – yet too often it is invisible or not understood,” she said. “We must make it visible, meaningful and modern.”
