Office address: Freehold House, 6-8 The Havens, Ransomes Europark, Ipswich, Suffolk IP3 9SJ
Website: www.suffolkbuildingsociety.co.uk
Year established: 1849
Company type: financial services
Employees: 170
Expertise: mortgages, corporate deposit accounts, personal savings, home insurance, ISAs
Parent company: N/A
CEO and key people: Richard Norrington (CEO), Peter Elcock (chair), Paul Johnson (CFO), Rebecca Newman (COO), Sian Hill (NED), Elaine Lenc (NED), Steve Liddell (NED)
Financing status: N/A
Suffolk Building Society is a mortgage and savings provider based in Suffolk, dedicated to community engagement and member-focused services. Not beholden to shareholders, it reinvests profits back into local initiatives, standing out in a crowded market of mortgage providers. The mutual organisation has over 60,000 members, 170 employees, and 10 branches across the country.
Suffolk Building Society was founded as the Ipswich & Suffolk Freehold Land Society in 1849 by a group of business people from Ipswich. Suffolk Building Society was established to enhance the socioeconomic status of disenfranchised citizens. Through the decades, it has evolved from its original purpose to a broader focus on providing safe and affordable housing options.
The organisation introduced its advanced digital banking services to enhance customer accessibility in 2010. Suffolk Building Society underwent a rebranding to better reflect its modern values and community focus in 2016. In 2020, it expanded its mortgage services to cater specifically to expats and self-employed individuals, adapting to a changing market.
Suffolk Building Society has a suite of offerings designed to meet its members' needs. Key products and services include:
mortgages: tailored options for first-time buyers, later-life borrowers, and standard borrowers, including specialised products for expats and self-employed individuals
savings accounts: offers various savings products, including cash ISAs, fixed rate bonds, and accounts designed for children
insurance services: provides insurance products, ensuring members have access to comprehensive financial planning tools
investment advice: provides expert investment advice to help members make informed financial decisions that align with their long-term goals
community grants: offers grants to local projects and charities, enhancing social welfare and community development
Suffolk Building Society offers a unique and meaningful work environment focused on more than just financial services like mortgages and savings. Without shareholders, the society is member-owned, serving over 60,000 members who each have an equal voice in its operation. Careers in the organisation offer an array of benefits that enhance the work experience for its employees, including:
Suffolk Building Society is committed to social responsibility, emphasising the impact of their operations on the community and the environment. This focus stems from their origins and ongoing mission to support local development and well-being. Their initiatives aim to promote sustainability, community support, and ethical practices, reflecting their dedication to positive societal contributions.
Suffolk Building Society is committed to fostering diversity and inclusion across its operations, recognising the value of varied perspectives in governance and decision-making. This approach enhances their service and governance, reflecting a commitment to representing and serving a diverse member base. Initiatives undertaken by the organisation include:
Richard Norrington has served as CEO of Suffolk Building Society for 7 years. Norrington was also a director at Norrington Associates Limited, a regional director at National Australia Bank, and a program director at Barclays UK. He earned a Master of Arts in economics and economic history from The University of Edinburgh and completed his A Levels at Winchester College.
Supporting Norrington in leading the society is a team of key personnel. This includes: Peter Elcock, as chair of the organisation, oversees governance and strategic direction
Paul Johnson, serving as CFO, manages the society's financial strategies and health
Rebecca Newman, as COO, directs operational strategies, enhancing efficiency
Sian Hill, as non-executive director, offers strategic guidance and oversight from an external viewpoint
Elaine Lenc, also non-executive director, contributes to governance with her external insights and oversight
Steve Liddell, non-executive director, enhances board decisions with his outside perspectives and supervisory role
Suffolk Building Society has demonstrated expansion strategies, with a significant 11% growth in their mortgage book attributed to their new products and customer relationships. The society has also introduced new residential mortgage products and updated their product end dates, enhancing their offerings in response to market demands.
Their "Saving Suffolk" campaign, which focuses on local environmental projects, will also help their public image and member satisfaction through active local involvement and sustainability efforts. These developments suggest a future-focused approach, with the society leveraging both community-oriented initiatives and product innovation to drive growth.
New bank adds non-executive director; specialist lender and mutual expand sales teams
How will the changes affect borrowers?
Policy change aims to support borrowers earning in multiple currencies
Lender acknowledges the important of relatives' support
One lender offers a sub-3% two-year fix
Call for action follows new policy change by lender
Suffolk BS, Atom bank, The Mortgage Lender, Pepper Money, Keystone Property Finance, and MPowered Mortgages announce reduced rates
They implement product changes following broker feedback
One reduces rates, another raises maximum loan size
It launches a new 95% LTV shared ownership product and lowers existing rates
