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1250491

registered interest
date	10/11/2020
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, when he plans to allow credit unions to (a) provide loans for members to buy cars, (b) offer insurance products to members and (c) offer credit cards; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	113471
answer	answer is ministerial correction date of answer 17/11/2020 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 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 be done at a future legislative opportunity. The Government is carefully considering 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><p> </p><p>Fair4All Finance, the independent body set up 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 through the coronavirus pandemic. Fair4All Finance has also launched its Affordable Credit Scale-up Programme, designed to provide tailored support to sustainably scale affordable credit.</p><p> </p><p>The Government has no plans to require large employers to offer payroll deductions to allow employees to join and save with a credit union.</p><p> </p><p>In Budget 2018, the Government announced a prize-linked savings pilot called PrizeSaver. This is currently operating in 15 credit unions across the country, helping to support the sector through increased membership, awareness and deposits, as well as encouraging participants to build up savings to help them cope with financial shocks. The pilot is scheduled to end in March 2021. The Government has no plans to allow credit unions to offer Premium Bonds or other National Savings and Investments products.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 113472 113473 113474 question first answered 17/11/2020 12:01:00 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1243997

registered interest
date	15/10/2020
answering body	Treasury
answering dept id	14
answering dept short name	Treasury
answering dept sort name	Treasury
hansard heading	Credit Unions
house id	1
legislature	25259 pref label House of Commons
question text	To ask the Chancellor of the Exchequer, how may members of credit unions there are, by region of the UK.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	104022
answer	answer is ministerial correction date of answer 23/10/2020 answer text <p>According to the latest data on credit unions published by the Prudential Regulation Authority, the membership of credit unions in the first quarter of 2020 by region of the UK is given below:</p><p> </p><table><tbody><tr><td><p><strong>Region</strong></p></td><td><p><strong>Membership</strong></p></td></tr><tr><td><p>England</p></td><td><p>923,321</p></td></tr><tr><td><p>Wales</p></td><td><p>81,766</p></td></tr><tr><td><p>Scotland</p></td><td><p>423,554</p></td></tr><tr><td><p>Northern Ireland</p></td><td><p>707,271</p></td></tr></tbody></table><p> </p><p>Neither HM Treasury, the Prudential Regulation Authority nor the Financial Conduct Authority collect information on the membership of credit unions on a local level. The data on overall credit union membership is available online and can be found here: <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>In order to offer mortgage products, a credit union must hold special mortgage permissions. Any credit union can apply for these permissions, providing that they can demonstrate they can meet the requirements set out by the Financial Conduct Authority for mortgage lenders. Credit unions also need to comply with the maximum loan value limits set out by the Prudential Regulation Authority.</p><p> </p><p>Currently, 4 UK credit unions hold mortgage permissions. These are Glasgow Credit Union, ScotWest Credit Union, Capital Credit Union and No1 Copperpot Credit Union. The first three are based in Scotland, while membership of No1 CopperPot Credit Union is open to UK police officers and staff. In total, these credit unions have approximately over 140,000 members. We are unable to provide data on the membership of the individual credit unions.</p> answering member constituency Salisbury answering member printed John Glen grouped question UIN 104023 question first answered 23/10/2020 08:47:39 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1238758

registered interest
date	29/09/2020
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, how many people have belonged to a credit union in each of the last 10 years; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	96751
answer	answer is ministerial correction date of answer 06/10/2020 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 96752 question first answered 06/10/2020 14:45:13 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1238759

registered interest
date	29/09/2020
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 publish a credit union development strategy; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	96752
answer	answer is ministerial correction date of answer 06/10/2020 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 96751 question first answered 06/10/2020 14:45:13 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1228888

registered interest
date	28/08/2020
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, how many (a) credit unions and (b) credit unions affiliated to faith groups there are in the UK.
tabling member constituency	Lewisham East
tabling member printed	Janet Daby
uin	82366
answer	answer is ministerial correction date of answer 08/09/2020 answer text <p>There are currently 429 active credit unions in the United Kingdom.</p><p> </p><p>Neither HM Treasury, the Prudential Regulation Authority nor the Financial Conduct Authority collect information on the affiliation of credit unions to faith groups. It is therefore not possible to provide the number of credit unions affiliated to faith groups in the United Kingdom.</p><p> </p><p>The Government is, however, aware of the strong links between certain faith communities and credit unions. I was pleased to take part in a roundtable recently hosted by one such credit union, the Pentecostal Credit Union, to discuss issues facing its members.</p><p><strong> </strong></p> answering member constituency Salisbury answering member printed John Glen question first answered 08/09/2020 08:27:24 answering member 4051 label Biography information for John Glen
tabling member	4698 label Biography information for Janet Daby

1144727

registered interest
date	04/09/2019
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 plans he has to expand the credit union sector; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	286605
answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>The government is committed to supporting credit unions, which contribute to the diversity of the UK’s financial services sector and provide vital services to financially under-served communities.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a 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>At Autumn Budget 2018 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.</p><p> </p><p>In July 2019 the Government made it easier for Registered Social Landlords to refer tenants to social and community lenders, including credit unions. This should help encourage Registered Social Landlords to grow and develop existing new partnerships with credit unions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 09/09/2019 11:38:02 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

1132422

registered interest
date	17/06/2019
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 assessment of the potential merits of the introduction of an automated loans and decision programme for credit unions to support the modernisation process of those unions.
tabling member constituency	East Londonderry
tabling member printed	Mr Gregory Campbell
uin	265454
answer	answer is ministerial correction date of answer 20/06/2019 answer text <p>The Department for Work and Pensions’ Credit Union Expansion Project delivered an Automated Loans and Decision tool (ALD) which has been used by over 70 credit unions. The ALD has allowed credit unions to achieve up to 40% administrative savings on delivering loans and reduce provision for unpaid debt by over £1 million. There are also third party suppliers who offer these services on a commercial basis.</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.</p><p> </p><p>At Autumn Budget 2018 the Chancellor announced a new £2 million challenge fund to promote innovative technological solutions from the UK’s Fintech sector to address challenges faced by social and community lenders, including credit unions. This will help support the continued development and modernisation of the credit union sector.</p> answering member constituency Salisbury answering member printed John Glen question first answered 20/06/2019 14:11:51 answering member 4051 label Biography information for John Glen
tabling member	1409 label Biography information for Mr Gregory Campbell

1125049

registered interest
date	07/05/2019
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 plans he has to support the (a) development and (b) governance of credit unions.
tabling member constituency	Stroud
tabling member printed	Dr David Drew
uin	251214
answer	answer is ministerial correction date of answer 13/05/2019 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>At Autumn Budget 2018 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.</p><p> </p><p>This Government believes improving governance in the sector is best led by the sector itself, and supports the work of industry bodies in this regard.</p> answering member constituency Salisbury answering member printed John Glen question first answered 13/05/2019 14:36:47 answering member 4051 label Biography information for John Glen
tabling member	252 label Biography information for Dr David Drew

1125162

registered interest
date	07/05/2019
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, 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.
tabling member constituency	Glasgow South West
tabling member printed	Chris Stephens
uin	251439
answer	answer is ministerial correction date of answer 13/05/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 251440 question first answered 13/05/2019 14:26:34 answering member 4051 label Biography information for John Glen
tabling member	4463 label Biography information for Chris Stephens

1125163

registered interest
date	07/05/2019
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, 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.
tabling member constituency	Glasgow South West
tabling member printed	Chris Stephens
uin	251440
answer	answer is ministerial correction date of answer 13/05/2019 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> answering member constituency Salisbury answering member printed John Glen grouped question UIN 251439 question first answered 13/05/2019 14:26:34 answering member 4051 label Biography information for John Glen
tabling member	4463 label Biography information for Chris Stephens