Mike Regnier, Chief Executive of the Yorkshire Building Society has been elected as the new Chair of the Building Societies Association (BSA). He takes up this role with immediate effect.

Regnier has held the post of Deputy Chair since May 2018 and succeeds Stephen Mitcham, Chief Executive of the Cambridge Building Society. At the same time, Mark Bogard, Chief Executive of the Family Building Society has been elected Deputy Chair of the BSA.

From May 2019, the term of office for the BSA Chair and Deputy Chair has been extended from 12 months to 2 years.

Commenting on his election, Mike Regnier said “I’m very pleased to be taking on the role of BSA Chair during this exciting yet challenging time. As building societies do the vast majority of their business in the UK, they’re insulated from many of the consequences of Brexit, but not from economic uncertainty or adverse consumer confidence. Clarity and resolution are much needed for businesses and consumers alike.”

“With a combined 25 million savers and borrowers, building societies have a crucial role to play in finding solutions for some of the very real challenges that people face.”

“One of the biggest is a lack of personal financial resilience. Research shows that 7.5 million UK workers have no savings at all and that one in six wouldn’t be able to cope with a financial emergency such as a car repair or a boiler breakdown. Money worries like these cost the UK economy up to £51 billion a year in lost productivity. This makes financial resilience and the savings habit important to the economy too.”

“Another is housing – something we just don’t have enough of. We know that 86% of the general public want to own a home of their own but buying a home has become increasingly challenging for first-time-buyers, those who need a larger home for a growing family and older people alike. This is an active area of innovation amongst building societies already, with more to do.”