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923130
star this property registered interest false more like this
star this property date less than 2018-06-13more like thismore than 2018-06-13
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans, if any, they have to review the legislation covering credit unions. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL8594 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2018-06-27more like thismore than 2018-06-27
star this property 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>Government engages closely with representatives of the credit union sector throughout the UK to understand how credit unions may best be supported. This includes speaking to Northern Ireland specific trade bodies and maintaining an ongoing relationship with the devolved Department for Economy in Northern Ireland to understand any issues specific to Northern Ireland’s credit union sector.</p><p>Government’s engagement with the credit union sector includes ongoing consideration of its legislative framework. For example, in 2014 Government conducted a Call for Evidence (‘British Credit Unions at 50’) on credit unions. Several respondents asked for changes to the legislation governing credit unions, and in its response, Government committed to actively consider legislative changes in the next Parliament. At Autumn Budget 2017, Government committed to raising the geographical common bond limit for credit unions from 2 to 3 million. This change came into effect in April 2018.</p><p>All changes to credit union legislation must be considered alongside the need to maintain an appropriate regulatory regime for credit unions. A looser legislative framework would likely require increased regulation which might be inappropriate for small, community based institutions.</p>
star this property answering member printed Lord Bates more like this
star this property grouped question UIN HL8595 more like this
star this property question first answered
less than 2018-06-27T14:03:17.73Zmore like thismore than 2018-06-27T14:03:17.73Z
star this property answering member
1091
star this property label Biography information for Lord Bates more like this
star this property tabling member
4153
unstar this property label Biography information for Lord Kennedy of Southwark more like this
1309294
star this property registered interest false more like this
star this property date less than 2021-04-15more like thismore than 2021-04-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what assessment they have made of the credit union sector in the UK. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL14967 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-04-27more like thismore than 2021-04-27
star this property 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>
star this property answering member printed Lord Agnew of Oulton more like this
star this property grouped question UIN HL14968 more like this
star this property question first answered
less than 2021-04-27T10:49:05.813Zmore like thismore than 2021-04-27T10:49:05.813Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
4153
unstar this property label Biography information for Lord Kennedy of Southwark more like this
1309295
star this property registered interest false more like this
star this property date less than 2021-04-15more like thismore than 2021-04-15
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what plans they have to reform the law in respect of credit unions in the UK. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL14968 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2021-04-27more like thismore than 2021-04-27
star this property 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>
star this property answering member printed Lord Agnew of Oulton more like this
star this property grouped question UIN HL14967 more like this
star this property question first answered
less than 2021-04-27T10:49:05.763Zmore like thismore than 2021-04-27T10:49:05.763Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
4153
unstar this property label Biography information for Lord Kennedy of Southwark more like this
1177117
star this property registered interest false more like this
star this property date less than 2020-02-07more like thismore than 2020-02-07
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 2 more like this
star this property legislature
25277
star this property pref label House of Lords more like this
star this property question text To ask Her Majesty's Government what support they provide to the credit union sector in the UK. more like this
star this property tabling member printed
Lord Kennedy of Southwark more like this
star this property uin HL1442 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-02-20more like thismore than 2020-02-20
star this property 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>
star this property answering member printed Lord Agnew of Oulton more like this
star this property grouped question UIN HL1443 more like this
star this property question first answered
less than 2020-02-20T14:09:16.703Zmore like thismore than 2020-02-20T14:09:16.703Z
star this property answering member
4689
star this property label Biography information for Lord Agnew of Oulton more like this
star this property tabling member
4153
unstar this property label Biography information for Lord Kennedy of Southwark more like this
1238758
star this property registered interest false more like this
star this property date less than 2020-09-29more like thismore than 2020-09-29
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, how many people have belonged to a credit union in each of the last 10 years; and if he will make a statement. more like this
star this property tabling member constituency Harrow West more like this
star this property tabling member printed
Gareth Thomas more like this
star this property uin 96751 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-10-06more like thismore than 2020-10-06
star this property answer text <p>According to the data held by the Prudential Regulation Authority, credit union membership for the past 10 years is as follows:</p><p> </p><table><tbody><tr><td colspan="2"><p>Credit Union Membership</p></td></tr><tr><td><p>Year</p></td><td><p>Membership numbers</p></td></tr><tr><td><p>2009</p></td><td><p>1,259,183</p></td></tr><tr><td><p>2010</p></td><td><p>1,350,039</p></td></tr><tr><td><p>2011</p></td><td><p>1,427,812</p></td></tr><tr><td><p>2012</p></td><td><p>1,565,724</p></td></tr><tr><td><p>2013</p></td><td><p>1,660,610</p></td></tr><tr><td><p>2014</p></td><td><p>1,758,632</p></td></tr><tr><td><p>2015</p></td><td><p>1,850,503</p></td></tr><tr><td><p>2016</p></td><td><p>1,920,709</p></td></tr><tr><td><p>2017</p></td><td><p>1,969,152</p></td></tr><tr><td><p>2018</p></td><td><p>2,019,873</p></td></tr><tr><td><p>2019</p></td><td><p>2,070,452</p></td></tr></tbody></table><p> </p><p>The annual data for 2013 onwards is available online and can be found at <a href="https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest" target="_blank">https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest</a></p><p> </p><p>The Government is committed to supporting credit unions, which 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.</p><p> </p><p>The Chancellor announced at Budget earlier this year 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.</p><p> </p><p>The Government has no plans to publish a credit union development strategy.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 96752 more like this
star this property question first answered
less than 2020-10-06T14:45:13.617Zmore like thismore than 2020-10-06T14:45:13.617Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
177
unstar this property label Biography information for Gareth Thomas more like this
1238759
star this property registered interest false more like this
star this property date less than 2020-09-29more like thismore than 2020-09-29
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, if he will publish a credit union development strategy; and if he will make a statement. more like this
star this property tabling member constituency Harrow West more like this
star this property tabling member printed
Gareth Thomas more like this
star this property uin 96752 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2020-10-06more like thismore than 2020-10-06
star this property answer text <p>According to the data held by the Prudential Regulation Authority, credit union membership for the past 10 years is as follows:</p><p> </p><table><tbody><tr><td colspan="2"><p>Credit Union Membership</p></td></tr><tr><td><p>Year</p></td><td><p>Membership numbers</p></td></tr><tr><td><p>2009</p></td><td><p>1,259,183</p></td></tr><tr><td><p>2010</p></td><td><p>1,350,039</p></td></tr><tr><td><p>2011</p></td><td><p>1,427,812</p></td></tr><tr><td><p>2012</p></td><td><p>1,565,724</p></td></tr><tr><td><p>2013</p></td><td><p>1,660,610</p></td></tr><tr><td><p>2014</p></td><td><p>1,758,632</p></td></tr><tr><td><p>2015</p></td><td><p>1,850,503</p></td></tr><tr><td><p>2016</p></td><td><p>1,920,709</p></td></tr><tr><td><p>2017</p></td><td><p>1,969,152</p></td></tr><tr><td><p>2018</p></td><td><p>2,019,873</p></td></tr><tr><td><p>2019</p></td><td><p>2,070,452</p></td></tr></tbody></table><p> </p><p>The annual data for 2013 onwards is available online and can be found at <a href="https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest" target="_blank">https://www.bankofengland.co.uk/news?NewsTypes=571948d14c6943f7b5b7748ad80bef29&amp;Taxonomies=5de036cac1ff46b49b8ac98c266de410&amp;InfiniteScrolling=False&amp;Direction=Latest</a></p><p> </p><p>The Government is committed to supporting credit unions, which 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.</p><p> </p><p>The Chancellor announced at Budget earlier this year 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.</p><p> </p><p>The Government has no plans to publish a credit union development strategy.</p>
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 96751 more like this
star this property question first answered
less than 2020-10-06T14:45:13.68Zmore like thismore than 2020-10-06T14:45:13.68Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
177
unstar this property label Biography information for Gareth Thomas more like this
1125162
star this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, what discussions he has had with the Prudential Regulation Authority on changing capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 251439 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><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. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 251440 more like this
star this property question first answered
less than 2019-05-13T14:26:34.347Zmore like thismore than 2019-05-13T14:26:34.347Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
unstar this property label Biography information for Chris Stephens more like this
1125163
star this property registered interest false more like this
star this property date less than 2019-05-07more like thismore than 2019-05-07
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, pursuant to the Answers of 29 April 2019 Questions 246542, 246543 and 246544 on Credit Unions, whether it is his Department's policy to support the Prudential Regulation Authority on decisions to change the capital requirements for credit unions. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 251440 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-05-13more like thismore than 2019-05-13
star this property answer text <p>Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms. The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><p>I have regular meetings with the PRA to discuss a range of ongoing policy issues, including in relation to credit unions.</p><p> </p><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. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN 251439 more like this
star this property question first answered
less than 2019-05-13T14:26:34.287Zmore like thismore than 2019-05-13T14:26:34.287Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
unstar this property label Biography information for Chris Stephens more like this
1122539
star this property registered interest false more like this
star this property date less than 2019-04-23more like thismore than 2019-04-23
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property question text To ask the Chancellor of the Exchequer, what assessment he has made of the effect of discontinuities in credit union capital requirements on credit unions' capacity to grow assets beyond £10 million; and if he will make a statement. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 246542 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-04-29more like thismore than 2019-04-29
star this property answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><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. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
246543 more like this
246544 more like this
star this property question first answered
less than 2019-04-29T14:19:31.16Zmore like thismore than 2019-04-29T14:19:31.16Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
unstar this property label Biography information for Chris Stephens more like this
1122540
star this property registered interest false more like this
star this property date less than 2019-04-23more like thismore than 2019-04-23
star this property answering body
Treasury more like this
star this property answering dept id 14 more like this
unstar this property answering dept short name Treasury more like this
star this property answering dept sort name Treasury more like this
star this property hansard heading Credit Unions remove filter
star this property house id 1 more like this
star this property legislature
25259
star this property pref label House of Commons more like this
star this property 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. more like this
star this property tabling member constituency Glasgow South West more like this
star this property tabling member printed
Chris Stephens more like this
star this property uin 246543 more like this
star this property answer
answer
star this property is ministerial correction false more like this
star this property date of answer less than 2019-04-29more like thismore than 2019-04-29
star this property answer text <p>Representatives from credit unions have raised issues with me related to capital requirements, most recently when I spoke at the Association of British Credit Unions Ltd (ABCUL) conference in March 2019. Capital requirements for credit unions are set by the Prudential Regulation Authority (PRA), in line with their mandate to promote the safety and soundness of firms.</p><p> </p><p>The PRA is independent from government and is responsible for ensuring the credit union sector is effectively regulated and financially stable.</p><p> </p><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. Credit union membership and assets continue to grow, with membership passing 2 million for the first time in 2018 and total assets growing to over £3.3 billion.</p> more like this
star this property answering member constituency Salisbury more like this
star this property answering member printed John Glen more like this
star this property grouped question UIN
246542 more like this
246544 more like this
star this property question first answered
less than 2019-04-29T14:19:31.207Zmore like thismore than 2019-04-29T14:19:31.207Z
star this property answering member
4051
star this property label Biography information for John Glen more like this
star this property tabling member
4463
unstar this property label Biography information for Chris Stephens more like this