UK Money News
3rd January 2008
Independence of shareholder benefits building society customers
Building societies are able to offer attractive help with finance to consumers because they are not subject to the demands of shareholders.
So claims the Building Societies Association (BSA) which states that as they are mutually owned, such organisations are able to offer improved personal finance services.
To be mutually owned means that building societies are actually owned by their customers, so their obligation is to savers rather than anyone holding shares in the institution, it explains.
Neil Johnson, PR and Policy Manager for the BSA, remarks: "The difference is in the quality of products that building societies are offering.
"A survey done before Christmas found that of the top 250 mortgages, 75 per cent of them were offered by building societies."
In recent weeks the BSA released data stating that net receipts to cash individual savings accounts in November last year stood at £56 million, compared to £35 million in the year before.
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