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The Analysis News & Opinions


Big challenges, and even bigger opportunities


On the second day of the Building Societies Annual


Conference in Liverpool “Government needs to take some big steps Building


Societies Association (BSA) chief executive, Robin Fieth, spoke about important themes for the strategic agendas of BSA member boards. In the


context of the huge events


experienced in the last decade, including a fi nancial crisis, global pandemic and Brexit, from which building societies and credit unions have continued to go from strength to strength, Mr Fieth shared his thoughts on a number of challenges and opportunities that lie ahead, including those relating to climate change and Net Zero 2050. He said: “Talking last month about balancing


the zero-carbon tightrope, our keynote speaker, Sarah Breeden from the Bank of England, highlighted some of the potential unintended consequences along the route to 2050. “In our mutual world of savings and mortgages, one stands out


for me in


particular – our version of the investment managers’ strategic question. “Do we green our own balance sheets by new lending to homes and


restricting


properties that achieve the magic, if fl awed, EPC A to C rating? “Or do we


invest in the UK’s overall


just transition to Net Zero by working with households to reduce their carbon emissions? Do we in fact put the greatest emphasis and direct the greatest eff ort to supporting those living in the oldest and the energy-leakiest properties? “I have cautioned our regulators on a


number of occasions to take steps around climate change stress testing and regulation very sensitively. “To be wary that when regulators whisper,


large parts of the regulated market jump. The only question is how high. “Collectively, in partnership with


government and both prudential and conduct regulators, it is beholden on us all to seek to navigate this route such that we do encourage householders and landlords to invest in clean energy and greater energy effi ciency. And that we do all we can to avoid creating swathes of new mortgage prisoners, trapped in energy ineffi cient homes that are falling in value.


8


– such as determining the future of the natural gas grid. We need to take lots and lots of small steps to help the transition happen as fairly, as cost eff ectively and as smoothly as possible. “And let us recognise that there is no clear right answer to Net Zero transition.


Some


paths will be more optimal, some less so. Some technologies will be intermediate, some more enduring. “Honesty here is critical to allaying fears


about conduct and mis-selling minefi elds, drawing the clear distinction between the practices and behaviours of rogue fi rms designed to rip customers off . and products and solutions sold in good faith which might, with the benefi t of hindsight, prove to be sub-optimal.


Challenges and opportunities Other themes that Mr Fieth discussed in his speech were the Future Financial Services


Robin Fieth Framework Review; regulation of diversity


and inclusion; digital currencies and super- computing to quantum computing.


New customer experience debate


A new round-table debate is set to allow


senior professionals to share information and advice regarding customer experience in these changing times. The


debate, which will be hosted by


CCRMagazine, in association with LINK Mobility, will bring together key fi gures from the industry to discuss the challenges and fresh opportunities that they are all facing. Stephen Kiely, editor of CCRMagazine, said: “We have found that these round-table debates are hugely popular and successful ways in which we can facilitate the sharing of knowledge, I am very proud to be working with LINK Mobility to build this debate. “These are time of great change and it


will be the professionals that have the ideas and insight to keep ahead of the pack who will thrive, and we hope to play our part in this process.”


www.CCRMagazine.com May 2022


Contact Stephen Kiely to request your


place to attend this outstanding new event at stephen@ccrmagazine.co.uk.


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