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This year our AGM was held on Wednesday 23 July at Black Country Living Museum, Tipton Road, Dudley, West Midlands DY1 4SQ. Members were also able to watch the AGM online via live stream.
Members were invited to put their questions to the Board. A wide range of topics were covered, from responsible lending and cyber security to digital transformation and savings protection.
A: Chief Executive, Jonathan Westhoff responded by outlining the Society’s approach to affordability and responsible lending. While the West Brom typically lends up to four times income, that is a guideline benchmark, but individual circumstances are always considered. He emphasised that the Society is committed to helping people into home ownership, including through shared ownership, but not at the expense of financial stability.
Mr Westhoff clarified the regulator’s planned moves around higher lending thresholds but stated that the Society will continue to lend responsibly. Chair John Maltby added that comments from Bank of England Governor, Andrew Bailey, highlight the risks that too relaxed an approach to lending criteria and the importance of learning from the past. He reaffirmed the Society’s long-term commitment to helping people into homes both now and in the future, but always in a responsible way.
A: Mr Westhoff explained that while the West Brom has always aimed to do business for good, gaining B Corp certification formally recognises this. It demonstrates that the Society meets high standards of social and environmental responsibility, transparency and accountability. B Corp status gives customers, suppliers, and partners confidence that the Society is values-led and committed to making a positive difference.
A: Mr Westhoff noted that although the Society does have a strong ISA position, the impact on the Society itself would probably be minimal, but changes in the cash limit element of an ISA, as rumoured, would affect customers, through reduced tax releif. He said that broader changes could lead to mortgage rate increases of around 0.02% to 0.03%, which, although modest, could still make a significant difference for first-time buyers. He added, however, should the strategy of encouraging more people to invest in equities be successful, it would reduce available cash for across the market as a whole.
A: Mr Westhoff confirmed that this is something the Society would be happy to explore. While monthly interest-paying accounts are possible, the Society would need to assess customer demand before introducing such a product. He emphasised the Society’s ongoing commitment to reviewing and adapting its product range to meet customer needs.
A: Mr Westhoff confirmed that the increase to £110,000 is accurate and expected to happen at the end of the year. While some providers may rely on the new limit to attract savings, particularly those perceived as higher risk, the West Brom is not expected to be directly affected materially.
Chair, John Maltby added that some organisations may use digital platforms and apps to encourage customers to move their money more easily, but that West Brom customers typically choose to save with the Society because of its values and trust. While this change may shift dynamics in the savings market, it is unlikely to impact the Society itself.
A: Chief Operating Officer, Martin Boyle, confirmed that cyber security remains a top priority. The Society’s Chief Information Security Officer is currently working closely with the Board to review and enhance cyber defences, with the most recent update taking place on the day of the AGM. Continuous investment is made to stay ahead of evolving threats.
Board member, Nimisha Patel, echoed this, noting that after reviewing the security strategy at the Board meeting, she was reassured by the level of preparation and oversight. She acknowledged that cyber-attacks are a matter of ‘when’, not ‘if’, and praised the proactive approach being taken.
A: Members were warmly invited to explore the Black Country Living Museum in the afternoon.
A: Mr Westhoff noted that the West Brom stopped offering new buy-to-let mortgages 17 years ago. The remaining book of buy-to-let loans now has very low loan-to-value ratios and is not a significant area of risk for the Society. He added that properties being sold by landlords may open opportunities for first-time buyers to step onto the housing ladder.
Chair John Maltby commented that although buy-to-let has sometimes been seen as a “get-rich-quick” scheme, the rental sector still plays an important role. Mr Westhoff also noted that the Society continues to let around 700 homes through West Brom Homes, offering a modest discount of 5–6% on rent and maintaining high standards as a responsible landlord.
A: Mr Westhoff explained that younger generations increasingly expect digital options, and the Society is focused on meeting this expectation. He stated that the West Brom is developing its presence on the digital platforms younger members use and is working to evolve its services accordingly. As part of this, the Society is progressing its digital transformation, which includes developing a new savings app.
Chair John Maltby added that mutuality and trust remain important to younger people, and that the West Brom’s values strongly align with these. Investing in digital infrastructure ensures that the Society remains relevant to the next generation, without compromising on the principles it was founded on.
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