At the 36th AGM of the BSMA, held on 27th October 2018, the members voted unanimously to adopt a “Charter for an Open and Accountable Building Society Industry”.
The Charter is born out of the frustration of one member’s experiences of trying to hold a building society to account.
Having spent a great deal of time and money attempting to get a valid nomination, in order to stand as a member nominated candidate for the Board of the West Bromwich Building Society, without success. He came to the conclusion that the only way forward is to obtain political support for legislation and regulations to force building societies to give their members the rights they are being denied.
Ahead of the next general election, the BSMA is calling on all UK political parties to endorse and actively campaign for the changes contained in the Charter.
The BSMA is asking all building society members to lobby their Member of Parliament to endorse the Charter.