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BSA 2012: The year of the mutual

The building society sector is set to thrive for the year ahead despite facing challenges from increase regulation and a difficult economy, Deloitte has predicted.

Yuan Phoon, 10 May, 2012

The business advisory firm said the sector had generally improved the level of capital it had in place and the quality of the liquid assets it held.

Stephen Williams, head of the building societies practice at Deloitte, said: "Building societies have a proud heritage and many have served their local communities for more than 100 years providing more choice for consumers and offering an alternative to the bank plc model.

"The sector has enjoyed a revival over the past 12 months but economic and regulatory pressures remain. The challenge mutuals must address is ensuring they continue to differentiate themselves in the market.

"Building societies will continue to thrive if they provide a distinctive service and develop products that meet members' needs. Fundamental to their continued success will be their ability to demonstrate effective compliance with the increased demands from regulators."

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