The building society’s chief executive said its 9000 members would benefit from a package of partnerships with the organisations such as renewable energy supplier Good Energy, organic textiles retailer Greenfibres, and Foresters Friendly Society, a mutual focused on family finance.
He said: “Money is power – where you save it and where you spend it shapes the world we live in. Some financial institutions focus on extracting value from their customers to generate short-term profit.
“We see our role as delivering value for our members and contributing to a greener future. That’s why we’re connecting our community of members to other businesses who share our principles and can help them to live more sustainably.”
Ecology has also joined the Global Alliance for Banking on Values, a membership organisation made up of the world’s leading sustainable banks which aims to build a positive alternative to the current banking system.
Adviser View
Ruth Whitehead, principal of London-based Ruth Whitehead Associates, said: “I am supportive of this type of initiative but I wish the products were more competitive. The criteria on a mortgage from Ecology is strict. Clients want ethical financial products but they also need profitability and value for money.”
