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810007

	registered interest
	date	20/12/2017
	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 assistance they have given to credit unions in the UK in the last two financial years.
	tabling member printed	Lord Elystan-Morgan
	uin	HL4353
	answer	answer is ministerial correction date of answer 08/01/2018 answer text <p>The government is 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. Over the last two financial years, the government has done this by:</p><p> </p><ul><li><p>Announcing at Autumn Budget 2017, that where a credit union’s membership conditions are based on locality, a credit union will be able to increase the number of potential members it can have to from 2 to 3 million. The legislation to make this change was laid in November 2017 and comes into force in April 2018.</p></li><li><p>Announcing at Autumn Statement 2016 that, from 2018, an existing scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks, will be expanded. This uses funds recovered under the Proceeds of Crime Act from convicted loan sharks.</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving. Lifesavers works with local credit unions to help run savings clubs with schoolchildren, and is currently being piloted in six primary schools.</p></li><li><p>Providing funding for the Credit Union Expansion Project, delivered by the Association of British Credit Unions Ltd. In 2017, three credit unions with a total membership of 16,500 began using an online banking platform provided by this project.</p></li></ul> answering member printed Lord Bates question first answered 08/01/2018 16:32:28 answering member 1091 label Biography information for Lord Bates
	tabling member	2809 label Biography information for Lord Elystan-Morgan

798690

	registered interest
	date	01/12/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what plans he has to support access to credit unions; and if he will make a statement.
	tabling member constituency	Harrow West
	tabling member printed	Gareth Thomas
	uin	117084
	answer	answer is ministerial correction date of answer 06/12/2017 answer text <p>The government is committed to supporting access to credit unions, which provide vital services to financially underserved communities and contribute to the diversity of the UK’s financial services sector. The government has done this by:</p><p> </p><ul><li><p>Announcing at Autumn Budget 2017, that where a credit union’s membership conditions are based on locality, a credit union will be able to increase the number of potential members it can have from 2 to 3 million.</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving. Lifesavers works with local credit unions to help run savings clubs in schools.</p></li><li><p>Contracting the Association of British Credit Unions Limited to deliver the Credit Union Expansion Project, which aims to modernise and grow credit unions in a sustainable way, enabling them to offer additional financial services to their members.</p></li><li><p>Announcing at Autumn Statement 2016 that, from 2018, a scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks, will be expanded. This uses funds recovered under the Proceeds of Crime Act from convicted loan sharks.</p></li></ul> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 06/12/2017 17:08:21 answering member 4095 label Biography information for Steve Barclay
	tabling member	177 label Biography information for Gareth Thomas

797877

	registered interest
	date	30/11/2017
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, if he will make a further review of the credit union expansion project to examine the possibility of additional changes that would allow credit unions to offer additional financial services.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	116784
	answer	answer is ministerial correction date of answer 05/12/2017 answer text <p>The Association of British Credit Unions (ABCUL) is delivering the Credit Union Expansion Project. Three credit unions are using the banking platform delivered through CUEP though none have signed off to business as usual. There is no plan to make changes to the contract.</p> answering member constituency Hexham answering member printed Guy Opperman question first answered 05/12/2017 14:00:20 answering member 4142 label Biography information for Guy Opperman
	tabling member	1409 label Biography information for Mr Gregory Campbell

780352

	registered interest
	date	30/10/2017
	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 whether they have any plans to expand the scope of products that credit unions can choose to provide to their members.
	tabling member printed	Baroness Primarolo
	uin	HL2716
	answer	answer is ministerial correction date of answer 07/11/2017 answer text <p>The Government is committed to building an economy that works for everyone and credit unions play a key role in this by offering affordable, responsible credit to some communities.</p><p> </p><p>In response to the Government’s 2014 Call for Evidence on the future of credit unions, the Government committed to consider potential legislative changes in the previous Parliament that would help the sector grow and thrive.</p><p>However, it is important to consider any changes carefully to avoid unintended consequences, such as bringing smaller credit unions into regulation that might not be proportionate.</p><p>The Government remains committed to supporting the sector and will continue to work with interested stakeholders to achieve this. The government is also keen for the sector to look for further opportunities to grow within the existing regulatory framework by exploring opportunities for collaboration within the sector.</p> answering member printed Lord Bates question first answered 07/11/2017 16:19:56 answering member 1091 label Biography information for Lord Bates
	tabling member	217 label Biography information for Baroness Primarolo

765975

	registered interest
	date	06/10/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what his policy is on the promotion of credit unions as an alternative to pay day lenders.
	tabling member constituency	East Renfrewshire
	tabling member printed	Paul Masterton
	uin	105873
	answer	answer is ministerial correction date of answer 16/10/2017 answer text <p>Credit unions play a key role in offering affordable, responsible credit to underserved communities. The Government has supported the sector in the following ways:</p><p> </p><ul><li><p>Announcing at Autumn Statement 2016 that a greater proportion of funds recovered from illegal money lenders will be allocated to incentivise vulnerable people to join, save and borrow with a credit union instead of turning to loan sharks;</p></li><li><p>Increasing the maximum interest rate that credit unions can charge on loans from 2% to 3%. This has helped credit unions become more stable and allowed them to offer reliable, affordable credit to consumers who may otherwise have had to resort to more expensive means;</p></li><li><p>Contributing £600,000 to an initiative developed by the Archbishop of Canterbury and Young Enterprise, to start savings clubs in primary schools and educate young children in the benefits of saving, while promoting awareness of credit unions to children and their parents. Lifesavers works with local credit unions to help run savings clubs in schools; and</p></li><li><p>Initiating the Credit Union Expansion Project, a £38 million project aimed at helping the sector modernise and offer new services.</p></li></ul> answering member constituency North East Cambridgeshire answering member printed Stephen Barclay question first answered 16/10/2017 11:05:05 answering member 4095 label Biography information for Steve Barclay
	tabling member	4625 label Biography information for Paul Masterton

673444

	registered interest
	date	16/01/2017
	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	1
	legislature	25259 pref label House of Commons
	question text	To ask the Secretary of State for Work and Pensions, pursuant to the Answer of 12 January 2017 to Question 58730, on credit unions, what steps he plans to take to complete the expansion project for credit unions; how the £38 million will be allocated; and over what time period that allocation will take place.
	tabling member constituency	Bolton North East
	tabling member printed	Sir David Crausby
	uin	59997
	answer	answer is ministerial correction date of answer 23/01/2017 answer text <p>The Contract to deliver the Credit Union Expansion Project was scheduled to end in December 2016. The Association of British Credit Unions Ltd (ABCUL) are delivering the Contract and has provided a proposal to extend the delivery timeline. To allow the proposal to be considered the Department has agreed an interim Contract extension to February 2017.</p><p> </p><p>To the end of December 2016, £30.8.m has been spent. Any remaining expenditure is subject to agreement on ABCUL’s proposal to extend the Contract and delivery of specific outcomes.</p> answering member constituency Watford answering member printed Richard Harrington question first answered 23/01/2017 14:54:45 answering member 4068 label Biography information for Lord Harrington of Watford
	tabling member	437 label Biography information for Sir David Crausby

668868

	registered interest
	date	06/01/2017
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, how the Government plans to improve and promote access to credit unions.
	tabling member constituency	Bolton North East
	tabling member printed	Sir David Crausby
	uin	58730
	answer	answer is ministerial correction date of answer 11/01/2017 answer text <p>The Government’s manifesto commits to support the credit union movement in making financial services more accessible over the course of this Parliament. The Government has supported the sector in the following ways:</p><p> </p><ul><li><p>Investing up to £38 million in an expansion project for credit unions, aimed at helping credit unions expand and grow sustainably.</p></li><li><p>The Government announced at AS16 that a greater proportion of funds recovered from illegal money lenders will be allocated to incentivise vulnerable people to join, save and borrow with a credit union instead of turning to loan sharks.</p></li><li><p>The Coalition Government also increased the maximum interest rate that credit unions can charge on loans from 2% to 3%. This has helped credit unions become more stable.</p><p> </p><p>The Government will continue to look at ways it can help support the sector.</p></li></ul> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 11/01/2017 10:37:39 answering member 3929 label Biography information for Simon Kirby
	tabling member	437 label Biography information for Sir David Crausby

647622

	registered interest
	date	29/11/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, with reference to paragraph 3.45 of the Autumn Statement 2016, if he will publish details on the working of the expansion of the scheme to encourage credit union membership in areas at risk from loan sharks.
	tabling member constituency	Kingston upon Hull North
	tabling member printed	Diana Johnson
	uin	55479
	answer	answer is ministerial correction date of answer 07/12/2016 answer text <p>The Government is committed to facilitating sustainable financial services that give consumers greater choice in accessing credit. To help achieve this aim, the Government has fundamentally reformed regulation of the consumer credit market, transferring regulatory responsibility from the Office of Fair Trading (OFT) to the Financial Conduct Authority (FCA) on 1 April 2014. The FCA has transposed key elements of the OFT’s Irresponsible Lending Guidance into binding rules. The FCA makes clear that a firm should lend responsibly, and takes reasonable steps to assess the customer’s ability to meet repayments in a sustainable manner without undue difficulties, and without having to borrow further. Ultimately, money should only be lent to a consumer if they can afford to repay it.</p><p> </p><p>Furthermore, the Government has already introduced several initiatives to support the credit union sector. These include investing £38m in the sector through the Department of Work and Pensions’ Credit Union Expansion Project, and providing £500,000 to help armed forces personnel access credit union services.</p><p> </p><p>The scheme referred to at paragraph 3.45 of the Autumn Statement 2016 is undertaken by the England Illegal Money Lending Team. The Team recovers funds from convicted loan sharks under the Proceeds of Crime Act (POCA) and currently uses this to fund community education work and a credit union incentive scheme in areas which are vulnerable to loan sharks. The scheme provides cash incentives for new credit union accounts into which consumers make regular savings.</p><p> </p><p>In 2018, governance of the Team, and control of how it uses funds recovered under POCA, will transfer to HM Treasury. In April 2017, the Financial Conduct Authority will introduce a new levy collected from consumer credit firms which will fund the Team’s enforcement and education work. This will make it possible to free-up POCA funds currently used for education about loan sharks to expand the credit union scheme.</p><p> </p> answering member constituency Brighton, Kemptown answering member printed Simon Kirby question first answered 07/12/2016 11:17:53 answering member 3929 label Biography information for Simon Kirby
	tabling member	1533 label Biography information for Dame Diana Johnson

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

445447

	registered interest
	date	18/01/2016
	answering body	HM Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	CaTreasury
	hansard heading	Credit Unions
	house id	1
	legislature	25259 pref label House of Commons
	question text	To ask Mr Chancellor of the Exchequer, what steps he is taking to help credit unions compete in the personal loans and savings market.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	22923
	answer	answer is ministerial correction date of answer 21/01/2016 answer text <p>The Government has taken significant steps to help credit unions compete in the personal loans and savings market. These include increasing the maximum interest rate that credit unions can charge on loans from 2% to 3% per month; investing £38m in the sector through the Department of Work and Pensions’ (DWP) Credit Union Expansion Project; ensuring that universal credit and pensions payments can be paid into any credit union account; providing £500,000 to help armed forces personnel access credit union services; and changing legislation to allow credit unions to admit corporate members.</p><br /><p>The Government has also provided £650,000 to fund the Archbishop of Canterbury’s ‘LifeSavers’ project. This project forms partnerships between primary schools and local credit unions, raising awareness of the credit union movement and encouraging more junior savers to become members.</p><br /><p>In addition the Government has also introduced an amendment to the Bank of England Bill 2015 to support financial mutuals. It amends the Financial Conduct Authority and the Prudential Regulation Authority’s General Regulatory Principles to ensure that both regulators take account of the differences between mutual societies and other types of firm (where appropriate) whenever they are discharging their general objectives.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 21/01/2016 12:23:42 answering member 4107 label Biography information for Dame Harriett Baldwin
	tabling member	1409 label Biography information for Mr Gregory Campbell