Mutual One has teamed up Teachers to provide the society with internal audit services.
This will be effective from January 1 2006. M1 is also providing the majority of its ongoing support in the area of compliance.
Under this service M1 will also undertake the level of monitoring requested by Teachers.
Barry Meeks, managing director, M1, says: “The compliance collective has been designed as a means of providing compliance support to building societies in an area that is increasing in demand, complexity and cost.
“By being part of a collective approach we hope to deliver such services expertly and more cost-efficiently than any society continuing to work in isolation.
“This is the same philosophy that has proven to be so successful in our internal audit services, now used by over a third of the building society sector.
“We are delighted to be welcoming Teachers as both an important new internal audit client, but also in helping us to pioneer the launch of the compliance collective.
James Bawa, chief executive officer of Teachers, says: “With the fast moving market place we operate in, it is essential to have the support of a compliance function that has access to a comprehensive range of tools and resources.
“M1 has demonstrated to us that they can provide Teachers with this service and have proven expertise and knowledge as internal auditors into the building society sector and we are looking forward to working with their team in the future.”