We have created one of the UK's major financial services organisations by bringing together Co-operative Insurance Society (CIS) and The Co-operative Bank (including smile) under the auspices of Co-operative Financial Services (CFS). This provides us with the opportunity to deliver a unique co-operative alternative to millions of UK households, based on our values of trust and fair dealing and our fundamental commitment to social responsibility.
Since its creation in 2002, CFS has made good progress towards its objective of offering customers a much broader range of co-operative financial products than they could previously receive from either CIS or The Co-operative Bank operating independently. A number of joint sales initiatives have met with early success, including the development of a single CFS mortgage service and the launch of our Guaranteed Stock Market Deposit Bond, produced by The Co-operative Bank and marketed very successfully by CIS financial advisers. CIS motor insurance has been offered to bank customers since February 2003. From January 2004, The Co-operative Bank also began promoting CIS home insurance, and CIS financial advisers began offering bank credit cards, loans and current accounts.
Our aim with each of these initiatives has been to help bring about the CFS vision of becoming the primary financial services provider for a broad range of co-operative customers, accessed seamlessly through multiple channels. This vision is firmly founded on the shared heritage of CIS and The Co-operative Bank, and on our real willingness to listen to our customers. At CFS, we are building our position in the market around our approach to ethical and social responsibility, and our determination to offer products, advice and service that meet or exceed our customers' expectations.
