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1275783

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

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

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

1023107

registered interest
date	11/12/2018
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	What further steps he plans to take to support credit unions.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	908141
answer	answer is ministerial correction date of answer 11/12/2018 answer text <p>The government remains committed to supporting credit unions, which provide vital services to local communities.</p><p> </p><p>At Autumn Budget 2018, the Chancellor announced a package of measures to support the social and community lending sector, including credit unions.</p><p> </p><p>This includes a prize-linked savings scheme for credit unions, simplifying regulation to make it easier for Registered Social Landlords to refer to credit unions, and a challenge fund to create technological solutions for credit unions and Community Development Finance Institutions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 11/12/2018 17:04:01 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

850981

registered interest
date	27/02/2018
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, if he will make an assessment of the effectiveness of credit union legislation; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	130182
answer	answer is ministerial correction date of answer 05/03/2018 answer text <p>Government engages closely with representatives of the credit union sector to understand how credit unions may best be supported, including ongoing consideration of their legislative framework.</p><p> </p><p>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 will come into effect from April 2018.</p><p> </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> answering member constituency Salisbury answering member printed John Glen question first answered 05/03/2018 15:52:32 answering member 4051 label Biography information for John Glen
tabling member	177 label Biography information for Gareth Thomas

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

424865

registered interest
date	29/10/2015
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 the Government is taking encourage the Prudential Regulation Authority to assist credit unions in expanding the services they offer to their members; and if he will make a statement.
tabling member constituency	Harrow West
tabling member printed	Gareth Thomas
uin	14104
answer	answer is ministerial correction date of answer 04/11/2015 answer text <p>The Prudential Regulation Authority (PRA) is responsible for the prudential regulation and supervision of credit unions. It has a general objective to promote the safety and soundness of the firms it regulates and a secondary objective to facilitate effective competition.</p><br /><p>The PRA is an independent non-governmental body and, although the Treasury sets the legal framework for all regulation, it has strictly limited powers in relation to the regulators. However, last year the Government asked the PRA to use the evidence gathered from the Government’s Call for Evidence on Credit Unions to inform their 2015 review of the Credit Union Sourcebook (CREDS).</p><br /><p>The PRA have confirmed that they have taken into account the feedback received by HM Treasury in response to the Call for Evidence when formulating suggested reforms to CREDS.</p><br /><p>The PRA’s reforms seek to establish a more risk-based and flexible framework for credit union regulation, which imposes higher expectations for more sophisticated activity. The PRA recognises the unique structure and important role credit unions play in their local communities and is proposing to reform the rules to better reflect their evolving but distinctive business model.</p><br /><p>The PRA are looking to adjust the regulation so that rules around investments, capital levels and reporting requirements will be determined by looking at the risk profile and business model of the credit union. Existing rigid restrictions will be removed, giving credit union boards more freedom to decide how their businesses are to be run.</p> answering member constituency West Worcestershire answering member printed Harriett Baldwin question first answered 04/11/2015 12:57:34 answering member 4107 label Biography information for Dame Harriett Baldwin
tabling member	177 label Biography information for Gareth Thomas