As many readers will be aware, I am a director of the Fair Tax Mark. I'm late in noting this press release from last week:
Ethical savings provider Ecology Building Society is now the first Fair Tax Mark accredited firm to offer personal savings accounts and mortgages. It has become the first building society in the UK to be awarded the Fair Tax Mark by the campaign for businesses to adopt a more responsible attitude to tax.
The Fair Tax Mark is the world's first independent accreditation scheme to address the issue of responsible tax, with Ecology being the latest company to be awarded the mark.
Ecology Building Society, an ethical finance pioneer, offers a range of simple, transparent, ethical savings accounts that fund mortgages for properties and projects which support individuals and communities to adopt environmental building practices, improve the energy efficiency of the UK's building stock and live or work in a way that promotes a sustainable economy.
Paul Ellis, Chief Executive, Ecology Building Society said:
We're delighted to be the first Fair Tax accredited firm to offer personal savings accounts and mortgages, which now means that ethically minded customers can place their savings or apply for a mortgage with an organisation that pursues responsible tax behaviour.
We believe that the fair payment of tax is an important part of our contribution to society and helps reduce inequalities which have an environmental cost. This plays a vital role in helping to deliver our mission to build a greener society.
While tax remains a controversial area for many, we are proud to be the first building society to be awarded the Fair Tax Mark, which sets a benchmark for responsible tax behaviour.
Fair Tax Mark accredited Ecology Building Society's range of ethical, personal savings accounts include their Instant Access, 90-day notice and a Regular Savings accounts. At the present time, Ecology's Foundations Cash ISA is only open to individuals who were members of the Society on or before 25 September 2015. Accounts are opened and operated via the post and some accounts can also be operated online.
The first Fair Tax Mark accreditation of a building society now opens up the opportunity for other building societies and ethical banks to demonstrate openness and transparency about their tax affairs. This in turn will enable ethically minded customers to support those businesses that pursue responsible tax behaviour.
Richard Livings, Project Manager of the Fair Tax Mark said:
We are delighted that the Ecology Building Society is the latest company to join the growing list of businesses to have been awarded the Fair Tax Mark. It is fantastic that consumers now have the option of a Fair Tax Mark accredited building society in the highly competitive mortgage and savings market.
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Am I correct in assuming that, in contrast to what I was told in my youth that I should open an account with the Halifax Building Society (as was) to ensure that when it came to wanting a mortgage they’d look on me favourably because I already saved with them (how quaint!), that building societies now also create money out of thin air? And if so, I wonder was this a consequence of the financial bailout or had it always been going on?
Building Socities are not banks. They are financial intermediaries and so in fact what you were told – and what I was told long ago – was right then
But there are very few building socitities left.
I am confused. So building societies do not create ‘money’ when they grant an individual a mortgage in the same manner as banks ?
Building Socities do behave as intermediaries
So they do not create money
This is the difference between them and banks
Hence why UK financial sector lobbied for the laws to be changed to allow the building societies to demutualise, become banks and massively leverage up debt based loans on the back of the deposits paid in by generations of people who believed in a better way of funding one of life’s most basic necessities.
About time for some re-mutualisation me thinks!