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September 11, 2009    

CFS declares vision for ethical future

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by David Masters

The Co-operative Financial Services (CFS) plans to build on its credentials as a “principled” and “ethical” organisation, chief executive Neville Richardson said today as he announced the firm’s first half-year results.

“We are at the start of creating something quite special within UK financial services, a business which is member-owned, customer-led and ethically guided,” Richardson said.

Profits for the first half dropped only slightly on year, a fact that the group attributed to its prudent and cautious approach to banking and lending.

“These are encouraging trading results, which serve to illustrate the strength, sustainability and financial prudence of our business,” Richardson said.

Speaking on CFS’s merger with Britannia last month, he added: “Going forwards the combination of the financial strength, customer focus and co-operative values, principles and ethics of the new organisation, will offer our members and customers a trusted and ethical alternative to shareholder-owned banks.

“On their own CFS and Britannia already stood out amongst the UK mutual sector for their ethical trading policies and high levels of customer advocacy.

“These characteristics will remain a core part of the new business,”

Richardson believes CFS’s ethical credentials are popular with consumers, especially in the light of the banking crisis.

CFS has a “clear vision to be the UK’s most admired financial services business,” he concluded.

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