SWM HAS SHIFTED GEAR

For the past few years we have worked hard to find the starting point for a regional mutual bank for Devon, Cornwall, Somerset and Dorset. It is clear to us that while there will be a time to launch the bank, that time has not yet come.

So we are going forward as a lean, volunteer-led member organisation. 

We stand ready to respond to any future changes in circumstances that might significantly improve the chances of being able to successfully launch regional banking services. 

We are working behind the scenes to find lever points to create the circumstances we need to make our vision possible.

What gives us hope that we will succeed?

There are good reasons not to give up on our quest as the need grows every day for regional economic inclusion and sustainability:

• Cross-party interest to fix the problem through more favourable legal, regulatory and funding environment led by government policy is likely to be enduring under this or any future government.
• Another regional mutual bank outside the south west might successfully launch, making it easier to do the same here in the south west.
• The growing move towards impact investment among major institutional investors, particularly ‘place-based’ investment that is regionally focused, may significantly expand the pool of investment capital available for a regional mutual bank.
• Finally, the ongoing, albeit piecemeal, process of political devolution may lead to new regional bodies, or new mandates and funding for existing bodies, that open up opportunities to support mission-led regional finance.

While the probability of any of these developments may feel low, it is not zero. Change often happens when you least expect it. 

Would you like to help?

Given the new mode of action, we welcome the interest of anyone who would like to help make our vision of a purpose-led regional mutual bank in the south-west to join us. 

You can do this by becoming a member as an expression of support for the cause. And/or, rolling up your sleeves and become more involved in raising your voice for change in the corridors of power, and even volunteering to serve on our board.  

If you would like to make a difference and help build a better future for our region, please drop a line to john.arthur@southwestmutual.co.uk