Principality Building Society, in partnership with the Building Societies Association (BSA), has celebrated the 250th anniversary of the UK’s first building society at a reception held in the Welsh Parliament (Senedd).
The event recognised the vital role building societies have played in supporting communities, home ownership and financial wellbeing for more than two centuries.
The reception brought together Members of the Senedd, industry leaders, policymakers and BSA members to reflect on the sector’s long-standing contribution to financial inclusion and community development.
Speakers included Robin Fieth, chief executive of the BSA; BSA chair and Principality Building Society chief executive Julie-Ann Haines; and Jane Hutt MS, cabinet secretary for social justice, Trefnydd and chief whip.
The event marked one of Haines’ final public engagements as chief executive before Iain Mansfield assumes the role later this month.
The first building society was founded in 1775 by Richard Ketley at the Golden Cross Inn in Birmingham, where local workers pooled their savings to help each member buy a home.
The mutual model created at that time remains the foundation of the modern building society sector.
This milestone also coincides with Principality’s own 165th anniversary, as the society reaffirms its commitment to maintaining a strong high street presence and supporting Welsh communities until at least 2030.
Julie-Ann Haines, chief executive officer of Principality Building Society and chair of the BSA, said: “Building societies first emerged as innovative challengers to traditional banking, by offering a mutual model not answerable to shareholders, meaning we can focus on delivering value to our savers and borrowers.
“I was proud to stand alongside our peers this week, in marking a significant milestone for the mutual movement and reaffirming our collective commitment to supporting our Members, high streets, and communities across Wales and beyond.
“As Principality commemorates our own 165th anniversary this year, we’re continuing to evolve as a modern mutual, addressing the same community challenges that first inspired building societies 250 years ago.”
Robin Fieth, chief executive of the Building Societies Association, said: “As we celebrate 250 years of building societies, it’s great to do so here in the Senedd, recognising Wales’ proud contribution to the original mutual movement with three of our members – Principality, Swansea and Monmouthshire building societies – headquartered here.
“From those early beginnings in Birmingham, building societies have helped millions of people buy their home, have a safe place for their savings and built stronger communities.
“The principles of mutuality and community remain at the heart of what we do today and this milestone is both a celebration of our shared heritage, and a reminder of the vital role building societies continue to play in supporting financial resilience and local prosperity across the UK.”
Jane Hutt MS, cabinet secretary for social justice, said: “As we celebrate 250 years since the first building society was founded, we recognise the lasting impact these organisations have on communities across Wales by helping families save, buy homes, and build secure futures.
“Financial inclusion is at the heart of our social justice mission, and we will continue working to ensure everyone has access to affordable and sustainable services.”
