The Building Societies Association (BSA) has announced the appointment of two deputy chairs for the first time in its history.

Yorkshire Building Society chief executive, Susan Allen, and chief executive of No1 CopperPot Credit Union, Caroline Domanski, have taken on the roles, and will work alongside the BSA chair Simon Taylor, chief executive Sarah Harrison, and the wider BSA council.

The BSA, which represents all 42 UK building societies and seven of the largest credit unions, said the decision to appoint two deputy chair reflects the “growing scale and influence of the mutual sector” and the “increasing ambition of the BSA at a time of significant change”.

Building societies and mutual-owned banks currently have total assets of almost £677bn and together with their subsidiaries, hold residential mortgages of £493.4bn, equating to 29% of the total outstanding in the UK.

Commenting on the appointments, Taylor said: “I’m delighted that Susan and Caroline have accepted the roles of deputy chair and I’m very much looking forward to working with them. Both bring a wealth of knowledge, experience and leadership skills that will be invaluable in these roles.

“The Government’s ambition to double the size of the mutual and co-operative sector gives us a strong mandate to be at the forefront of change, delivering practical, innovative solutions to housing, savings and financial resilience. To make the most of this opportunity we need strong visibility, open dialogue and close collaboration with Government, regulators and policymakers.

“With Susan and Caroline as Deputy Chairs we bring greater capacity, a broader range of skills and experience and stronger representation of our credit union members. This enhanced leadership structure will support the BSA in championing mutuals as a vital part of the UK’s financial services sector, now and into the future.”

Allen joined Yorkshire Building Society as CEO in March 2023 from Barclays, where she was head of customer transformation and a member of the Barclays UK Executive Committee.

“This is an exciting time for the mutual sector with many opportunities ahead, alongside some real challenges,” she commented.

“As we navigate through these changing times, there’s an increasing awareness of the importance of member-owned organisations with their clear social purpose, strong community connections, and unwavering commitment to serving their members’ needs rather than external shareholders.”

Domanski, who has spent more than 20 years working within credit unions, is the first credit union representative to be appointed to the BSA council.

She added: “We know the difference mutuals bring to their members and communities. Our member-owner structure means we can reinvest our surplus into better returns for members, a diverse range of products and keeping local branches open, rather than being hived off to external shareholders.

“It is great to see building societies and credit unions working together to double the sector as we support fair and inclusive growth across the UK.”

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