A NEW man is in charge at Furness Building Society. DUNCAN BICK finds out what his plans are

BUILDING societies are something of a rare breed in 2017.

It has not always been this way.

Once they were a common sight on every high street in Britain and brand names like Halifax, Bradford and Bingley and Northern Rock were known to most households in the country.

Things changed in the 1990s though, when many of these firms listed on the stock exchange and became banks.

This turned out to be, by most accounts, a bad move and by the end of the following decade, as the financial crisis gripped the world, many of these demutualised institutions found themselves with significant financial problems.

Perhaps unsurprisingly, the members of the UK's remaining 59 building societies are very passionate about the institutions which look after their money.

One of these 59 is based in Barrow - Furness Building Society - and it has just appointed a new chief executive, 55-year-old Chris Harrison. He has taken over from Mike Kirsch, who was holding the position on a temporary basis.

Mr Harrison said: "We have been talking about it for a little while. They have been searching for a permanent person for that position.

"It is a very good brand and it seems to be very well trusted in the area. It helps to create wealth by helping people to buy property and it is also trusted to help people look after their money."

Mr Harrison is the former president and chief executive of Assurant Solutions Europe and was also the chief executive of LSG Lifestyle Services Group.

During his career he has held senior leadership and board roles with Chubb insurance, Simplyhealth and GE Financial Insurance.

He started his career as a trainee with the insurance company Eagle Star and has also worked for Accident and General.

His career has a strong history of working in companies which have been launching new products and going through changes.

One such innovation was when he was part of the team which developed the UK's first annual travel insurance policy, which hit the market in the 1990s.

His career history though does not include any time working for a building society, which he insisted is not an issue.

He said: "It is a mutual and I understand the business model to return profits and reinvest it in the business."

Mr Harrison added that he is spending his first 100 days in the job touring its branches and getting a good feel for the firm.
"We have good, strong finances, good people and a good finance director," he said.

Last year the society - which has more than 110,000 members, nine branches and 14 agencies - made four roles redundant at its Barrow headquarters in Duke Street and a further eight jobs will be lost after a decision was taken to close branches in Castle Street in Liverpool and Knowsley Street in Bolton.

Mr Harrison said he did not plan to make more cutbacks but also pointed out everything at the firm was "subject to review".

He added though: "Those branches were really out of our core area. You were really starting to stretch the brand of Furness."

Mr Harrison praised the society's staff.

"They are the embodiment of our brand, they do mean something out there and I would have to think very, very carefully before changing things," he said.

He is in the process of moving to Furness and has found a home near Ulverston, where he will live with his wife.

The couple have two teenage daughters, one of whom is a student and another who is set to begin her studies this year.

He has already joined Ulverston's golf club and is looking forward to walking his two labradors in the Lake District.

The society’s chairman, Colin Millar, said: “The board is thrilled to have appointed Chris as chief executive.

"He brings a wealth of experience to the role which will help us to take the society forward in a rapidly-changing market."