Show Search Form

Search Results

registered interest	true false
date	exactly: or between: and
answering body
answering dept id
answering dept short name
answering dept sort name
hansard heading
house id
legislature	pref label
question text
tabling member printed
uin
answer	is ministerial correction true false date of answer exactly: or between: and answer text answering member printed grouped question UIN question first answered answering member label
tabling member	label

Search

1036905

	registered interest
	date	07/01/2019
	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 steps they are taking to support and enable the growth of credit unions.
	tabling member printed	Lord Myners
	uin	HL12547
	answer	answer is ministerial correction date of answer 21/01/2019 answer text <p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.</p><p> </p><p>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. This follows the success of last year’s Rent Recognition Challenge, where UK Fintechs were invited to develop digital solutions for incorporating rental data into credit scores.</p> answering member printed Lord Bates question first answered 21/01/2019 15:38:44 answering member 1091 label Biography information for Lord Bates
	tabling member	3869 label Biography information for Lord Myners

1047834

	registered interest
	date	24/01/2019
	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 support they give to credit unions.
	tabling member printed	Baroness Kennedy of Cradley
	uin	HL13112
	answer	answer is ministerial correction date of answer 06/02/2019 answer text <p>The government remains committed to supporting credit unions, which provide vital services to financially under-served communities and contribute to the diversity of the UK’s financial services sector.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a two-year pilot of a new prize-linked savings scheme offered through credit unions. This will support the credit union sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks.</p><p> </p>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. This follows the success of last year’s Rent Recognition Challenge, where Government backing has supported UK Fintechs to successfully develop and roll out digital solutions for incorporating rental data into credit scores. answering member printed Lord Bates question first answered 06/02/2019 12:52:02 answering member 1091 label Biography information for Lord Bates
	tabling member	4303 label Biography information for Baroness Kennedy of Cradley

1150755

	registered interest
	date	19/10/2019
	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 review the regulations concerning credit unions.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL229
	answer	answer is ministerial correction date of answer 31/10/2019 answer text <p>In 2014, the Government undertook a call for evidence to understand the appropriate steps that could be taken to support the credit union sector. Subsequently, the maximum interest a credit union can charge on loans was raised from 2% to 3% per month, and the upper limit on the geographical common bond was raised from 2 to 3 million people.</p><p>The Government continues to be open to considering the case for further reform. ABCUL, the sector’s largest trade body, is currently carrying out a sector-wide consultation which is due to conclude later this year. HMT will consider its conclusions in the development of future credit union policy.</p><p> </p><p>At Autumn Budget 2018, the Government announced a package of measures to support credit unions, and other social and community lenders, including:</p><ul><li>A £2 million affordable credit challenge fund, harnessing the UK’s FinTech sector to address challenges faced by social and community lenders, including credit unions.</li><li>A change in the regulatory boundary of credit broking to make it easier for registered social landlords such as housing associations to refer their tenants to social and community lenders.</li><li>A prize-linked savings pilot scheme, to encourage the growth of the credit union sector and encourage consumers to build up their personal savings. This pilot launched on October 17<sup>th</sup>, International Credit Union Day, in 13 credit unions around the country, with 2 more credit unions due to join the pilot.</li><li>A feasibility study to design a pilot for a UK No-Interest Loans Scheme.</li></ul><p> </p><p>The PRA have also proposed a simplified, proportional capital requirement regime for credit unions in their recently published consultation.</p> answering member printed The Earl of Courtown question first answered 31/10/2019 13:42:28 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1177117

	registered interest
	date	07/02/2020
	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 support they provide to the credit union sector in the UK.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL1442
	answer	answer is ministerial correction date of answer 20/02/2020 answer text <p>At Autumn Budget 2018, the Government announced a package of measures to support credit unions, and other social and community lenders, including:</p><ul><li>A £2 million affordable credit challenge fund, harnessing the UK’s FinTech sector to address challenges faced by social and community lenders, including credit unions. Six finalists were selected in October 2019, receiving initial funding of £150,000.</li><li>A change in the regulatory boundary of credit broking to make it easier for registered social landlords such as housing associations to refer their tenants to social and community lenders.</li><li>A prize-linked savings pilot scheme, to encourage the growth of the credit union sector, and encourage consumers to build up their personal savings. This pilot launched on 17 October, International Credit Union Day, in 15 credit unions across the country. Over 6,000 accounts had been opened by the end of January 2020.</li><li>A feasibility study for a UK No-Interest Loans Scheme.</li></ul><p>Regulation of the credit union sector is a matter for the Prudential Regulation Authority (PRA). The PRA concluded a consultation on a simplified, proportional capital requirement regime for credit unions on 24 January 2020.</p> answering member printed Lord Agnew of Oulton grouped question UIN HL1443 question first answered 20/02/2020 14:09:16 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

1241971

	registered interest
	date	08/10/2020
	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 resilience of the credit union sector.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL8936
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>Credit unions play a vital role 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. The Government is committed to seeing a strong and resilient credit union sector. That is why the Chancellor announced at Budget 2020 that the Government will bring forward legislation to enable credit unions to offer a wider range of products and services.</p><p>HM Treasury officials are working closely with the Prudential Regulation Authority, Financial Conduct Authority and sector representatives to monitor the impact of the disruption caused by COVID-19 on credit unions and their members.</p><p>The Economic Secretary to the Treasury has also engaged regularly 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> answering member printed Lord Agnew of Oulton question first answered 20/10/2020 10:42:31 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

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

172711

	registered interest
	date	08/01/2015
	answering body	HM 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 consideration they have given to changing the Common Bond of geographical credit unions from potential to actual members.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL4031
	answer	answer is ministerial correction date of answer 22/01/2015 answer text <p>On 31 December 2014 the government published a response to the Call for Evidence on Credit Unions. In this response the government committed to considering potential changes to credit union legislation, including to the Common Bond, in the next parliament.</p><p> </p><p> </p><p> </p> answering member printed Lord Deighton question first answered 22/01/2015 16:53:12 answering member 4262 label Biography information for Lord Deighton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

480076

	registered interest
	date	17/03/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	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 review the legislation governing credit unions.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL7178
	answer	answer is ministerial correction date of answer 01/04/2016 answer text <p>On 31 December 2014, the government published a response to the Call for Evidence on Credit Unions.</p><p> </p><p>In this response the government committed to considering the potential changes to credit union legislation highlighted by the Call for Evidence over the course of this parliament.</p><p> </p> answering member printed Lord O'Neill of Gatley question first answered 01/04/2016 12:37:33 answering member 4536 label Biography information for Lord O'Neill of Gatley
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

58587

	registered interest
	date	05/06/2014
	answering body	Department for Work and Pensions
	answering dept id	29
	answering dept short name	Work and Pensions
	answering dept sort name	Work and Pensions
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what is their assessment of the progress of the Credit Union Expansion Project.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL112
	answer	answer is ministerial correction date of answer 10/06/2014 answer text <p /> <p>The DWP Credit Union Expansion Project contract began in May 2013. Around 80 credit unions are currently participating in the project. ABCUL has started delivering the Automated Loan and decision tool to participating credit unions and feedback is that the tool is ensuring loan decisions are faster, consistent and more efficient to deliver. Procurement of an IT banking platform is also being progressed but much remains to be done particularly on achieving sufficient growth for Credit Unions, and DWP continue to support and monitor the project closely</p> answering member printed Lord Freud question first answered 10/06/2014 13:43:31 answering member 3893 label Biography information for Lord Freud
	tabling member	4153 label Biography information for Lord Kennedy of Southwark