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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

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

1144472

	registered interest
	date	03/09/2019
	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, with reference to the recent talks between the Minister for Pensions and Financial Inclusion and credit unions in Northern Ireland, what lessons have been learned by his Department on the expansion of credit unions for the England, Wales and Scotland.
	tabling member constituency	East Londonderry
	tabling member printed	Mr Gregory Campbell
	uin	286141
	answer	answer is ministerial correction date of answer 09/09/2019 answer text <p>It has not proved possible to respond to the hon. Member in the time available before Prorogation.</p><p /><p /> answering member constituency Hexham answering member printed Guy Opperman question first answered 09/09/2019 16:34:17 answering member 4142 label Biography information for Guy Opperman
	tabling member	1409 label Biography information for Mr Gregory Campbell

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

1150755

	registered interest
	date	19/10/2019
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what plans they have to review the regulations concerning credit unions.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL229
	answer	answer is ministerial correction date of answer 31/10/2019 answer text <p>In 2014, the Government undertook a call for evidence to understand the appropriate steps that could be taken to support the credit union sector. Subsequently, the maximum interest a credit union can charge on loans was raised from 2% to 3% per month, and the upper limit on the geographical common bond was raised from 2 to 3 million people.</p><p>The Government continues to be open to considering the case for further reform. ABCUL, the sector’s largest trade body, is currently carrying out a sector-wide consultation which is due to conclude later this year. HMT will consider its conclusions in the development of future credit union policy.</p><p> </p><p>At Autumn Budget 2018, the Government announced a package of measures to support credit unions, and other social and community lenders, including:</p><ul><li>A £2 million affordable credit challenge fund, harnessing the UK’s FinTech sector to address challenges faced by social and community lenders, including credit unions.</li><li>A change in the regulatory boundary of credit broking to make it easier for registered social landlords such as housing associations to refer their tenants to social and community lenders.</li><li>A prize-linked savings pilot scheme, to encourage the growth of the credit union sector and encourage consumers to build up their personal savings. This pilot launched on October 17<sup>th</sup>, International Credit Union Day, in 13 credit unions around the country, with 2 more credit unions due to join the pilot.</li><li>A feasibility study to design a pilot for a UK No-Interest Loans Scheme.</li></ul><p> </p><p>The PRA have also proposed a simplified, proportional capital requirement regime for credit unions in their recently published consultation.</p> answering member printed The Earl of Courtown question first answered 31/10/2019 13:42:28 answering member 3359 label Biography information for The Earl of Courtown
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

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

1241971

	registered interest
	date	08/10/2020
	answering body	Treasury
	answering dept id	14
	answering dept short name	Treasury
	answering dept sort name	Treasury
	hansard heading	Credit Unions
	house id	2
	legislature	25277 pref label House of Lords
	question text	To ask Her Majesty's Government what assessment they have made of the resilience of the credit union sector.
	tabling member printed	Lord Kennedy of Southwark
	uin	HL8936
	answer	answer is ministerial correction date of answer 20/10/2020 answer text <p>Credit unions play a vital role in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders. The Government is committed to seeing a strong and resilient credit union sector. That is why the Chancellor announced at Budget 2020 that the Government will bring forward legislation to enable credit unions to offer a wider range of products and services.</p><p>HM Treasury officials are working closely with the Prudential Regulation Authority, Financial Conduct Authority and sector representatives to monitor the impact of the disruption caused by COVID-19 on credit unions and their members.</p><p>The Economic Secretary to the Treasury has also engaged regularly with representatives from the credit union sector through the Consumer Finance Forum and Financial Inclusion Policy Forum, which are bringing financial services and consumer group representatives together to discuss how to best support people through this period.</p> answering member printed Lord Agnew of Oulton question first answered 20/10/2020 10:42:31 answering member 4689 label Biography information for Lord Agnew of Oulton
	tabling member	4153 label Biography information for Lord Kennedy of Southwark

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

1353393

	registered interest
	date	07/09/2021
	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 levels of local authority support for credit unions.
	tabling member constituency	Croydon North
	tabling member printed	Steve Reed
	uin	44358
	answer	answer is ministerial correction date of answer 10/09/2021 answer text <p>The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members’ savings and affordable loans to those who may otherwise have to resort to high-cost lenders.</p><p> </p><p>Local authorities have significant freedoms to choose what investments they make and how to finance them. The Government funded £617m for the Local Authority Discretionary Grants Fund, as well as further funding for the Small Business Grant Fund. Both funds closed in August 2020. The Government has also provided £2 billion of discretionary grant funding for local authorities in England through the Additional Restrictions Grant, to support businesses in the local area, which credit unions may have benefited from. Local authorities determine how much funding to provide to businesses and exactly which businesses to target.</p><p> </p><p> </p><p>Separately, the Government has provided significant support for credit unions. In total, £96 million of dormant asset funding has been released to Fair4All Finance, the independent body set up by Government to distribute dormant assets funding to support financial inclusion. Fair4All Finance has so far provided over £15m in financial support to the community finance sector, including credit unions, as part of their COVID-19 response. This includes £12m of equity investments in community finance providers and £3.6m in COVID-19 grants, including funding from their £5m COVID resilience fund. It also includes an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit, and which I expect to be of benefit to credit unions.</p> answering member constituency Salisbury answering member printed John Glen question first answered 10/09/2021 07:04:01 answering member 4051 label Biography information for John Glen
	tabling member	4268 label Biography information for Steve Reed

1536242

	registered interest
	date	26/10/2022
	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 effect of Section 63 and Schedule 14 of the Financial Services and Markets Bill on parity of Northern Ireland credits unions with those in Great Britain.
	tabling member constituency	Foyle
	tabling member printed	Colum Eastwood
	uin	72482
	answer	answer is ministerial correction date of answer 31/10/2022 answer text <p>The Government is a strong supporter of the mutuals sector and recognises the unique role credit unions play in their communities, providing savings and affordable loans to their members.</p><p> </p><p>Clause 63 introduces Schedule 14 of the Financial Services and Markets Bill 2022, which makes amendments to the Credit Unions Act 1979 to allow credit unions in Great Britain to offer a wider range of products and services, thereby supporting the growth, diversification, and development of the sector.</p><p> </p><p>Responsibility for credit unions in Northern Ireland is a devolved matter.</p><p> </p><p>Officials have engaged with counterparts in the Northern Ireland Department for the Economy and are willing to engage further should they wish to implement something similar for credit unions in Northern Ireland.</p> answering member constituency Arundel and South Downs answering member printed Andrew Griffith question first answered 31/10/2022 14:24:40 answering member 4874 label Biography information for Andrew Griffith
	tabling member	4846 label Biography information for Colum Eastwood