The move will allow Mutual One to expand the existing range of services it offers the UK’s building society sector, which currently includes compliance, internal audit, insurance and legal services.
Chairman of Mutual One and chief executive of Market Harborough Building Society, Philip Dearing, commented, “Mutual One was set up six years ago as a joint venture between eight building societies. Since then it has grown very quickly, by delivering value to small and medium building societies. However, to achieve the plans we have to expand into service areas we haven’t yet explored, we require a partner with a wider range of skills, technical knowledge and resources – and we have found that partner in Skipton.”
Mutual One offers a range of services to its clients (currently 50 of the UK’s 63 building societies), including:
- Compliance services – Featuring manuals covering subjects such as mortgage regulation, general insurance and board procedures.
- Standardised terms and conditions documentation – Covering investments, residential mortgages and commercial lending.
- Collective purchasing – Bulk buying societies’ own insurances to achieve cost savings and also acting as a conduit for the purchase of a range of IT software.
- Internal audit – A full audit service.
John Goodfellow, chief executive and director of Skipton Building Society said, “We know what a valuable difference Mutual One is making to building societies and we’re delighted that we’ll be able to help with its expansion, which will ultimately benefit the whole sector.”
