David Cutter, group chief executive of the Skipton Building Society has been elected chairman of the Building Societies Association for the coming year.

He replaces David Webster, chief executive of the Hanley Economic Building Society.

Mr Cutter (pictured) said: “I am delighted to have been elected BSA chairman at a time when there is wide and renewed interest in the combination of traditional values and innovation demonstrated by building societies and other mutual lenders and deposit takers. This far from identikit sector delivers diversity, which is valuable in the context both of customer choice and market stability.

“The sector’s ‘back to basics banking’ approach has stood it in good stead amidst the turmoil of the financial crisis and beyond. Service, ethics and business behaviour are now high on the list of consumer criteria along with product, rate and access and this is to our benefit.

“As BSA chairman, I look forward to a year where we continue to reinforce the fact that building societies and other mutuals are very real challengers to the large Plc banks – we are open for business.”