Penrith Building Society joins the APPG on Challenger Banks and Building Societies
Penrith Building Society has become the latest building society to back the work of the APPG on Challenger Banks and Building Societies after joining as an Associate Member.
The APPG is a cross-party group of MPs and Peers that seeks to inform parliamentarians about the issues facing the challenger bank and building societies sector and provide a conduit for these institutions to get their voices heard in Parliament.
The impact of Brexit and the challenges of the COVID-19 pandemic mean it is an especially challenging time for financial institutions and the role of smaller building societies like the Penrith has never been more important.
This is a message the APPG has highlighted in its reports this year into Diversity in the Banking Sector and the impact of Coronavirus and it will continue to be a theme throughout the groups packed work programme for 2021.
Welcoming Penrith Building Society as an Associate Members, the chair of the APPG on Challenger Banks and Building Societies, Rt. Hon Karen Bradley MP said:
“Building Societies like the Penrith sit at the heart of their communities and play a vital role in them. They are an essential but often overlooked part of the financial services sector and the APPG on Challenger Banks and Building Societies is committed to helping these organisations and giving them a voice in Parliament.
“It is terrific to have the Penrith Building Society on board as an Associate Member and I look forward to working with them on the busy work programme the APPG has scheduled in 2021”
Tim Bowen, CEO of Penrith Building Society said:
‘’We see a huge amount of value in joining the APPG as an Associate Member, firstly in having a voice as the smallest Building Society in the United Kingdom, but, moreover, to continue to raise consumer awareness of the vast choices they have within the financial services marketplace in meeting their financial needs which, in turn will provide them with the best outcomes and maintain competition which is as important as ever in the current climate.’’
Notes to editors
Penrith Building Society was founded in 1877 as a mutual building society to help local people look after their money and buy their own homes. These principles remain in the fabric of the Society. It now has borrowing and saving members across the country and is still proud to be a part of, and to represent, the local community in Penrith and Cumbria.
The All Party Group on Challenger Banks and Building Societies is a cross-party group of MPs and Peers chaired by Rt. Hon Karen Bradley MP that seeks to inform parliamentarians of all parties about the challenger banks and building societies sector, the issues and challengers facing them, and to promote diversity within the sector. It has recently published the results of an inquiry into Diversity of Financial Institutions in the UK and a survey of the impact of the COVID-19 pandemic on institutions.
The Chair of the APPG CBBS, Rt. Hon Karen Bradley MP and Tim Bowen, CEO of Penrith Building Society are available for interview.