The Building Societies Association

By Bradley Elliott, CEO, RelyComply Armed with advanced AI and machine learning, fraudsters are operating faster, smarter, and at a scale previously unimaginable. Fraud is no longer opportunistic - it is engineered, tested, and continuously optimised. What was once the domain of isolated cybercriminals has evolved into highly organised, digital enterprises capable of launching thousands of simultaneous attacks across onboarding, payments, and digital servicing channels.

The Building Societies Association (BSA) welcomes the Financial Policy Committee’s (FPC) review of the UK’s capital framework. A refreshed approach is needed to ensure regulation supports both financial stability and sustainable economic growth. The BSA supports the FPC’s decision to reduce the overall target level of Tier 1 capital from 14% to 13%.

Kate Davies, Executive Director, Intermediary Mortgage Lenders Association (IMLA) AI is already here – to stay – and some of our biggest challenges in the immediate and foreseeable future will be in making sure humans stay in control of the technology and don’t become controlled by it.

By Susan Allen OBE, Chief Executive, Yorkshire Building Society I’m pleased to have been asked to join the Government’s Financial Inclusion Committee. This is recognition of the contribution Yorkshire Building Society and the wider mutual sector is making to help people build financial resilience. Financial inclusion is fundamental to a fair society. But it’s more than just making sure people have access to a bank account.

It is widely recognised that diversity is a business fundamental, enabling a climate of trust, innovation and creativity, and reflecting the customers and communities businesses serve. The Women in Finance Charter has helped to drive progress in increasing the proportion of women in senior roles and today’s publication is a welcome chance to review the progress of firms against their targets.

By Owen Jarvis, UK Cohousing Network, in partnership with TOWN and Ecology Building Society Across the UK, a growing pipeline of cohousing buyers is actively seeking mortgage finance — with limited availability of suitable products from mainstream lenders. More than 65 groups are currently progressing towards development, with hundreds more expected in the coming years.

Commenting on the MPC’s decision not to change the Bank Rate from 3.75%, Paul Broadhead, Head of Mortgage and Housing Policy at the Building Societies Association (BSA) said: “While many borrowers were hoping the MPC would cut the Bank Rate today, the decision to hold it at 3.75% is not surprising given the impact the conflict in the Middle East is having on global energy prices.

The Building Societies Association (BSA) welcomes HM Treasury plans to expand the mutuals sector by raising the cap on credit union membership. The changes will increase the membership limit for credit unions from three million to ten million people. Eligibility will also widen to include students, local workers and relatives of existing members, reflecting the way people live and work today.

By Alison Maitland and Liz Walker, Becoming Shaping the future In her recent blog, Sarah Harrison, CEO of the Building Societies Association, spoke about the next chapter for building societies and credit unions as “a pivotal moment, a time of opportunity”. And she touched on the challenges and opportunities that the sector faces: “We are living in a complex world environment: economically, politically, socially and technologically.

MPC narrowly votes to hold Bank Rate at 3.75% in February, as inflation risks subside Softer labour market and fall in CPI inflation sets up Bank rate cut in March Mortgage lending grows 20% in 2025, with further growth expected in 2026 Households boost savings by £85 billion in 2025, but remains 14% lower compared to 2024 Labour market and inflation soften as growth outlook falls The MPC narrowly voted (5-4) to keep the Bank Rate unchanged at 3.75% in February.