Why is it important?
As a mutual, it's always been our responsibility to do business in a sensible way that puts our members' interest first. That means always operating to the highest levels of trust and integrity in everything we do, whether that's making considered lending decisions, or working with borrowers in financial difficulty.
What we're already doing
Listening to our members
TalkingPoint continues to provide insight into what our members think, which helps to shape the business decisions that we make. There are now 2,767 members actively engaged on the platform and in 2017 they completed over 50 pieces of unique research. The topics we asked our members about included how Brexit could affect financial planning, how changes in Bank Base Rates may impact members and what makes good financial advice.
Supporting borrowers in financial difficulty
The Society works hard to help people have the home they want and support is in place to help members who find themselves in difficulty to make repayments. As part of this commitment, the Society works with StepChange, a charity that helps people get their finances under control. With a dedicated direct line we are able to refer customers in financial difficulty to a specialist team of independent financial advisors.
Understanding what matters most
In 2017 we undertook research to better understand the responsible business issues that matter most to our members and our colleagues. Our continued financial stability, providing a great customer experience and having a diverse and inclusive workforce were seen as some of the most important aspects for us to continue to get right.
Planning for all eventualities
The Society’s CET1 Capital Ratio for 2017 was 14%. This is a key indicator showing the level of reserves available to the Society which in turn helps to ensure our business remains resilient.
All statistical references referred to throughout this article come from the Leeds Building Society Annual Report and Accounts 2017.
Our 2017 - 2020 targets
- Keep our CET 1 Capital ratio above 14%.
- Achieve a below-industry-average number of upheld complaints from the Financial Ombudsman Service.
- Increase the number of active TalkingPoint members to 2,500.