Principality Building Society chief executive Peter Griffiths has been elected as the new chairman of the Building Societies Association.
He moves from the post of BSA deputy chairman and replaces Hanley Economic Building Society chief executive David Webster.
He says he will promote choice and competition in the market and push for regulation to be developed in a way which does not put the mutual sector at a disadvantage.
Griffiths says: “Mutuals will continue to be challenged over the next couple of years as societies face increasing pressure to raise more capital and hold more liquidity. In my new role I will work to ensure regulatory reform should not be based exclusively on the plc model but should cater for mutuals too.”
Griffiths has been Principality chief executive since 2002 and worked for NatWest between 1977 and 2000 predominantly in commercial lending.
In his last speech as BSA chairman yesterday Webster warned that regulators need to make sure the cost of regulation does not disproportionately hit mutuals.