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1670088

	registered interest
	date	14/11/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, whether his Department is taking steps to help (a) support and (b) promote credit unions.
	tabling member constituency	Stockport
	tabling member printed	Navendu Mishra
	uin	2021
	answer	answer is ministerial correction date of answer 20/11/2023 answer text <p>The Government is a strong supporter of credit unions, recognising the vital role that they play in the financial wellbeing of their communities, providing savings and affordable loans to their members. The Government is committed to ensuring that credit unions are supported in maximising their growth and success.</p><p> </p><p>This summer, the Government amended the Credit Unions Act 1979 so that credit unions in Great Britain can offer a wider range of products and services. These changes allow credit unions to offer hire purchase agreements, conditional sale agreements, and insurance distribution services, diversifying their income streams. This will enable credit unions to continue to grow sustainably for the future and supports them in the vital role they play in financial inclusion.</p><p> </p><p>Additionally, to date, the Government has allocated £145 million in dormant assets funding to Fair4All Finance which works to improve the availability of affordable credit, including through support for community finance providers.</p><p> </p><p>The Government is continuing to work with credit unions and other industry members to assess how we can best support the sector going forward.</p> answering member constituency Hitchin and Harpenden answering member printed Bim Afolami question first answered 20/11/2023 17:18:51 answering member 4639 label Biography information for Bim Afolami
	tabling member	4811 label Biography information for Navendu Mishra

1654907

	registered interest
	date	20/07/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, with reference to increased mortgage interest rates, what steps his Department is taking to promote credit unions.
	tabling member constituency	Barnsley East
	tabling member printed	Stephanie Peacock
	uin	195553
	answer	answer is ministerial correction date of answer 06/09/2023 answer text <p>The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.</p><p> </p><p>On Friday 23 June the Chancellor met with the UK’s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.</p><p> </p><p>The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.</p><p> </p><p>More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government’s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 195552 question first answered 06/09/2023 15:30:28 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4607 label Biography information for Stephanie Peacock

1626732

	registered interest
	date	10/05/2023
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, if he will make an estimate of the number of credit unions operating in the UK in each year since 2010.
	tabling member constituency	York Central
	tabling member printed	Rachael Maskell
	uin	184430
	answer	answer is ministerial correction date of answer 15/05/2023 answer text <p>Annual statistics on credit unions in the UK are publicly available from the <a href="https://www.bankofengland.co.uk/statistics/details/further-details-about-credit-union-statistics-data" target="_blank">Bank of England website</a>. Details of registered co-operative societies and the years they are or have been active can be accessed from the <a href="https://gbr01.safelinks.protection.outlook.com/?url=https%3A%2F%2Fmutuals.fca.org.uk%2F&amp;data=05%7C01%7Clydia.gallyerbarnett%40hmtreasury.gov.uk%7C557ffd7d44a444d4614c08db522c1d96%7Ced1644c505e049e6bc39fcf7ac51c18c%7C0%7C0%7C638194121649573500%7CUnknown%7CTWFpbGZsb3d8eyJWIjoiMC4wLjAwMDAiLCJQIjoiV2luMzIiLCJBTiI6Ik1haWwiLCJXVCI6Mn0%3D%7C3000%7C%7C%7C&amp;sdata=KFIzeiGgdvhACshDUslY7nkM%2BUr%2FmSX2rWb7%2B6jGWSQ%3D&amp;reserved=0" target="_blank">Mutuals Public Register</a>.</p><p> </p><p>Additionally, the latest Co-op Economy Report reveals that the number of independent co-operatives in the UK grew by 1.2% in 2020, despite the challenges posed by the Covid-19 pandemic. There are now over 7,000 independent co-operatives, with more than 250,000 employees and nearly 14 million UK co-operative members. These co-operatives contributed £39.7 billion to the UK economy in 2021, up by £1.1 billion from 2020.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith grouped question UIN 184431 question first answered 15/05/2023 14:21:05 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4471 label Biography information for Rachael Maskell

1536242

	registered interest
	date	26/10/2022
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential effect of Section 63 and Schedule 14 of the Financial Services and Markets Bill on parity of Northern Ireland credits unions with those in Great Britain.
	tabling member constituency	Foyle
	tabling member printed	Colum Eastwood
	uin	72482
	answer	answer is ministerial correction date of answer 31/10/2022 answer text <p>The Government is a strong supporter of the mutuals sector and recognises the unique role credit unions play in their communities, providing savings and affordable loans to their members.</p><p> </p><p>Clause 63 introduces Schedule 14 of the Financial Services and Markets Bill 2022, which makes amendments to the Credit Unions Act 1979 to allow credit unions in Great Britain to offer a wider range of products and services, thereby supporting the growth, diversification, and development of the sector.</p><p> </p><p>Responsibility for credit unions in Northern Ireland is a devolved matter.</p><p> </p><p>Officials have engaged with counterparts in the Northern Ireland Department for the Economy and are willing to engage further should they wish to implement something similar for credit unions in Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 31/10/2022 14:24:40 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4846 label Biography information for Colum Eastwood

1353393

	registered interest
	date	07/09/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the levels of local authority support for credit unions.
	tabling member constituency	Croydon North
	tabling member printed	Steve Reed
	uin	44358
	answer	answer is ministerial correction date of answer 10/09/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>Local authorities have significant freedoms to choose what investments they make and how to finance them. The Government funded £617m for the Local Authority Discretionary Grants Fund, as well as further funding for the Small Business Grant Fund. Both funds closed in August 2020. The Government has also provided £2 billion of discretionary grant funding for local authorities in England through the Additional Restrictions Grant, to support businesses in the local area, which credit unions may have benefited from. Local authorities determine how much funding to provide to businesses and exactly which businesses to target.</p><p> </p><p> </p><p>Separately, the Government has provided significant support for credit unions. In total, £96 million of dormant asset funding has been released to Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion. Fair4All Finance has so far provided over £15m in financial support to the community finance sector, including credit unions, as part of their COVID-19 response. This includes £12m of equity investments in community finance providers and £3.6m in COVID-19 grants, including funding from their £5m COVID resilience fund. It also includes an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit, and which I expect to be of benefit to credit unions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/09/2021 07:04:01 answering member 4051 label Biography information for John Glen
	tabling member	4268 label Biography information for Steve Reed

1309294

	registered interest
	date	15/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the credit union sector in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL14967
	answer	answer is ministerial correction date of answer 27/04/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>That is why at Autumn Budget 2018, the Chancellor announced a pilot of a new prize-linked savings scheme offered through credit unions. This operated with 15 credit unions and has helped support the sector through increased membership, awareness and deposits. The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. The winners of the challenge, which included Capital Credit Union and Serve and Protect Credit Union, were announced at Budget 2020.</p><p> </p><p>The Government has also regularly engaged with the credit union sector, the Financial Conduct Authority and the Prudential Regulation Authority to assess the impact of the COVID-19 pandemic. Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic.</p><p> </p><p>The Chancellor announced at Budget 2020 that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably for the future and support them in the vital role they play in financial inclusion. The Economic Secretary recently spoke at the Association of British Credit Unions Limited and National Credit Union Forum annual conferences to reaffirm the Government’s commitment to legislative change and ongoing support for the sector.</p><p> </p><p>The Government is engaging with the credit union sector and carefully assessing options before bringing forward legislation to ensure that we are delivering reforms which meet members’ needs and support the development of the credit union sector.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14968 question first answered 27/04/2021 10:49:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1309295

	registered interest
	date	15/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to reform the law in respect of credit unions in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL14968
	answer	answer is ministerial correction date of answer 27/04/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>That is why at Autumn Budget 2018, the Chancellor announced a pilot of a new prize-linked savings scheme offered through credit unions. This operated with 15 credit unions and has helped support the sector through increased membership, awareness and deposits. The Chancellor also announced a new £2 million challenge fund to promote innovative solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. The winners of the challenge, which included Capital Credit Union and Serve and Protect Credit Union, were announced at Budget 2020.</p><p> </p><p>The Government has also regularly engaged with the credit union sector, the Financial Conduct Authority and the Prudential Regulation Authority to assess the impact of the COVID-19 pandemic. Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic.</p><p> </p><p>The Chancellor announced at Budget 2020 that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. This will allow credit unions to continue to grow sustainably for the future and support them in the vital role they play in financial inclusion. The Economic Secretary recently spoke at the Association of British Credit Unions Limited and National Credit Union Forum annual conferences to reaffirm the Government’s commitment to legislative change and ongoing support for the sector.</p><p> </p><p>The Government is engaging with the credit union sector and carefully assessing options before bringing forward legislation to ensure that we are delivering reforms which meet members’ needs and support the development of the credit union sector.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL14967 question first answered 27/04/2021 10:49:05 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1311566

	registered interest
	date	22/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement.
	tabling member constituency	Glasgow South West
	tabling member printed	Chris Stephens
	uin	185970
	answer	answer is ministerial correction date of answer 27/04/2021 answer text <p>HM Treasury officials have regularly engaged with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact of the COVID-19 pandemic on the credit union sector. I have also engaged with representatives from the credit union sector through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period.</p><p>Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic. On 20 May 2020, the Government announced that additional funding through the dormant assets scheme would be released immediately to Fair4All Finance. This included an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit. I am also aware that credit unions have had access to wider COVID-19 support schemes, including the Coronavirus Job Retention Scheme, and grant funding from local authorities.</p>Capital requirements for credit unions are a matter for the Prudential Regulation Authority (PRA). In March 2020, the PRA concluded its consultation into simplifying the capital regime for credit unions. This reduced complexity by removing the link between a credit union’s activities and membership with capital requirements, removed the old 2% capital buffer, and introduced a graduated rate approach to capital requirements. These proposals were broadly supported by the credit union sector.<p> </p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 185969 185971 185972 question first answered 27/04/2021 14:31:24 answering member 4051 label Biography information for John Glen
	tabling member	4463 label Biography information for Chris Stephens

1311118

	registered interest
	date	21/04/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what representations he has received on changing credit union capital requirements; and if he will make a statement.
	tabling member constituency	Glasgow South West
	tabling member printed	Chris Stephens
	uin	185426
	answer	answer is ministerial correction date of answer 26/04/2021 answer text <p>HM Treasury officials have regularly engaged with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact of the COVID-19 pandemic on the credit union sector. I have also engaged with representatives from the credit union sector through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period.</p><p>Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion, has set up a £5 million resilience fund to support credit unions and community development finance institutions in England during the COVID-19 pandemic. On 20 May 2020, the Government announced that additional funding through the dormant assets scheme would be released immediately to Fair4All Finance. This included an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit. I am also aware that credit unions have had access to wider COVID-19 support schemes, including the Coronavirus Job Retention Scheme, and grant funding from local authorities.</p><p>Capital requirements for credit unions are a matter for the Prudential Regulation Authority (PRA). In March 2020, the PRA concluded its consultation into simplifying the capital regime for credit unions. This reduced complexity by removing the link between a credit union’s activities and membership with capital requirements, removed the old 2% capital buffer, and introduced a graduated rate approach to capital requirements. These proposals were broadly supported by the credit union sector.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 185424 185425 185427 question first answered 26/04/2021 11:10:27 answering member 4051 label Biography information for John Glen
	tabling member	4463 label Biography information for Chris Stephens

1275783

	registered interest
	date	12/01/2021
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask the Chancellor of the Exchequer, what assessment he has made of the potential merits of bringing forward legislative proposals to allow credit unions to offer (a) insurance services and (b) credit card services.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	136430
	answer	answer is ministerial correction date of answer 18/01/2021 answer text <p>The Government recognises the vital role credit unions play in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p>The Chancellor announced at Budget 2020 that the Government intends to bring forward changes to the Credit Unions Act to allow credit unions to offer a wider range of products and services. The Government is engaging with sector representatives and carefully assessing options before bringing forward legislation to ensure that we are delivering reforms which meet members’ needs and support the development of the credit union sector.</p> answering member constituency Salisbury answering member printed John Glen question first answered 18/01/2021 12:23:23 answering member 4051 label Biography information for John Glen
	tabling member	177 label Biography information for Gareth Thomas