In this series of ‘Emma Meets', Emma Peterson, Director of Recruit 121 Finance & Accounting Solutions, finds out more about the sponsors of the Finance Awards Wales 2024.
Finance Awards Wales is designed to recognise, attract and invest in the talented finance professionals working in Wales, showcasing the best of the best in the finance industry. In this edition, Emma Meets David Palmer-Lewis, Head of Financial Reporting and Control ,Principality Building Society.
We all know Principality Building Society but tell us more about its role in the finance sector, particularly in Wales.
Principality has an important role to play as the largest building society in Wales, and sixth largest in the United Kingdom. We have three main business streams which are savings, mortgages and commercial lending. 90% of our mortgages are funded by our savers, the majority of which comes through our branch network.
We have committed to maintaining our branch footprint, giving our Members access to the largest branch network of any bank or building society across Wales with 53 branches and 15 agencies.
We continue to look at ways to innovate in this space and are delighted with the trial of OneBanx in Cowbridge, where customers of 23 other banks can access and pay cash into their personal and business bank accounts from within our branches. Our outstanding personal customer service delivered by passionate branch colleagues, rooted in their communities, remains a vital part of our strategy going forward.
How does Principality Building Society see its role in contributing to the recognition of excellence in finance within Wales?
Principality is a recognised training provider by ICAEW, ACCA and CIMA and currently has students studying with all three governing bodies. We are passionate about developing our colleagues to advance into Senior Leadership and Executive roles both within Principality and within the wider finance sector in Wales. We are proud to see a number of former colleagues sitting on Boards within the Society sector and beyond.
2023 was a record year for Principality Building Society. What outlook do you see for 2024 and why?
We’re well-placed to withstand challenges on the horizon. The rising cost of living is still a significant concern and although the base rate is likely to have hit its peak at 5.25%, rates are expected to remain at elevated levels throughout 2024, well above the low interest rates we’ve experienced over the past decade. Despite record profits in 2023, we are seeing a squeeze on net interest margin in 2024, which may reduce this figure. However, by staying true to our strategy to support both first-time buyers and regular savers in volatile economic conditions, we remain a safe and secure business, able to deliver value for our Members, colleagues, and communities.
Why is it important for the Principality Building Society to recognise and celebrate excellence in finance through events like Finance Awards Wales?
As one of Wales’s largest businesses we have a responsibility to support the wider finance sector in Wales and ensure that we play our part in recognising and rewarding excellence throughout Wales and across all industries. Recognising excellence and helping to promote those who exhibit high levels of performance can only benefit the Welsh economy.
How does Principality Building Society believe such recognition contributes to the overall finance landscape?
Ultimately promoting and raising the profile of high performing businesses and individuals will help boost the overall reputation, influence and strength of the Welsh economy which will in turn have a positive impact on society as a whole.
How does Principality Building Society see these trends impacting the professionals it represents?
A stronger Welsh financial landscape will create more opportunities for all and also increased competition. This will open a greater talent pool to select from when Principality is looking to recruit and also increased opportunities for colleagues looking to develop their careers elsewhere. We have a great track record of rehiring colleagues who have advanced their careers elsewhere and then returned to the Society in a more senior position, providing a greater diversity of thought developed during the time spent at other organisations.
How can involvement in Finance Awards Wales benefit finance professionals and finance teams in terms of recognition and professional growth?
Whether it’s from being shortlisted or wining an award, just being involved in the Finance Awards Wales is a great opportunity to build your profile as a professional. It’s also a great networking event. Having attended the event for the last three years I’ve loved catching up with former colleagues and making new connections. It’s inevitable that a number of people in the audience will either be actively recruiting or planning to do so in the near future. What better opportunity is there to showcase your talent and potential to such a wide audience?
What the best advice you have been given or would you give to someone?
Believe in yourself and work hard. I believe everyone has the potential to be great. Those who achieve greatness aren’t necessarily the most talented – it’s those who believe in their potential, set ambitious goals and put a plan in place to achieve their goals.
