The Government is a strong supporter of credit unions, recognising the vital role they play in local communities throughout the country.<\/p>
<\/p>
Through the Financial Services and Markets Act 2023, the Government allowed credit unions in Great Britain to offer a wider range of products and services, diversifying their income streams and enhancing their role in financial inclusion.<\/p>
<\/p>
According to the latest data from the PRA, credit union membership in Great Britain has increased for the fifth consecutive quarter, reaching a record level of over 1.5 million. Their total assets have also increased to over £2.67 billion.<\/p>
<\/p>
The Government continues to engage with the credit union sector to assess how they can best be supported moving forward.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2024-05-08", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2024-05-08T14:53:31.597Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2024-04-29", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit Unions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the implications for his policies of the reduction in numbers of credit unions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4418", "label" : {"_value" : "Biography information for Justin Madders"} } , "tablingMemberConstituency" : {"_value" : "Ellesmere Port and Neston"} , "tablingMemberPrinted" : [{"_value" : "Justin Madders"} ], "uin" : "24061"} , {"_about" : "http://data.parliament.uk/resources/1670088", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1670088/answer", "answerText" : {"_value" : "
The Government is a strong supporter of credit unions, recognising the vital role that they play in the financial wellbeing of their communities, providing savings and affordable loans to their members. The Government is committed to ensuring that credit unions are supported in maximising their growth and success.<\/p>
<\/p>
This summer, the Government amended the Credit Unions Act 1979 so that credit unions in Great Britain can offer a wider range of products and services. These changes allow credit unions to offer hire purchase agreements, conditional sale agreements, and insurance distribution services, diversifying their income streams. This will enable credit unions to continue to grow sustainably for the future and supports them in the vital role they play in financial inclusion.<\/p>
<\/p>
Additionally, to date, the Government has allocated £145 million in dormant assets funding to Fair4All Finance which works to improve the availability of affordable credit, including through support for community finance providers.<\/p>
<\/p>
The Government is continuing to work with credit unions and other industry members to assess how we can best support the sector going forward.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4639", "label" : {"_value" : "Biography information for Bim Afolami"} } , "answeringMemberConstituency" : {"_value" : "Hitchin and Harpenden"} , "answeringMemberPrinted" : {"_value" : "Bim Afolami"} , "dateOfAnswer" : {"_value" : "2023-11-20", "_datatype" : "dateTime"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-11-20T17:18:51.69Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-11-14", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit Unions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, whether his Department is taking steps to help (a) support and (b) promote credit unions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4811", "label" : {"_value" : "Biography information for Navendu Mishra"} } , "tablingMemberConstituency" : {"_value" : "Stockport"} , "tablingMemberPrinted" : [{"_value" : "Navendu Mishra"} ], "uin" : "2021"} , {"_about" : "http://data.parliament.uk/resources/1654907", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1654907/answer", "answerText" : {"_value" : "
The pricing of mortgages is a commercial decision for lenders, including relevant credit unions, in which the Government does not intervene. However, we recognise this is a concerning time for mortgage borrowers.<\/p>
<\/p>
On Friday 23 June the Chancellor met with the UK\u2019s largest mortgage lenders, UK Finance and the Financial Conduct Authority to discuss how lenders will provide support for those who encounter problems keeping up with their mortgage payments. At this meeting, lenders agreed to a new Mortgage Charter to support borrowers struggling with their mortgage payments that was published on 26 June. The Charter sets out the standards signatory lenders, which includes some credit unions, will adopt when helping their customers, including new flexibilities to help customers manage their mortgage payments over a short period.<\/p>
<\/p>
The Charter is in addition to the significant safeguards already in place for consumers in the mortgage market. Financial Conduct Authority rules require lenders to engage individually with their customers who are struggling or who are worried about their payments in order to provide tailored support. The Government has also taken measures aimed at helping people to avoid repossession, including Support for Mortgage Interest (SMI) loans, and protection in the courts through the Pre-Action Protocol.<\/p>
<\/p>
More widely, the Government is taking forward amendments to the Credit Unions Act 1979 through the Financial Services and Markets Act (FSMA) 2023 to allow the credit union sector to grow, by offering a wider range of products and services to their members. FSMA 2023 is central to delivering the Government\u2019s vision to grow the economy and create an open, sustainable, and technologically advanced financial services sector.<\/p>"} , "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"} } , "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"} , "answeringMemberPrinted" : {"_value" : "Andrew Griffith"} , "dateOfAnswer" : {"_value" : "2023-09-06", "_datatype" : "dateTime"} , "groupedQuestionUIN" : {"_value" : "195552"} , "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"} , "questionFirstAnswered" : [{"_value" : "2023-09-06T15:30:28.443Z", "_datatype" : "dateTime"} ]} , "answeringDeptId" : {"_value" : "14"} , "answeringDeptShortName" : {"_value" : "Treasury"} , "answeringDeptSortName" : {"_value" : "Treasury"} , "date" : {"_value" : "2023-07-20", "_datatype" : "dateTime"} , "hansardHeading" : {"_value" : "Credit Unions"} , "houseId" : {"_value" : "1"} , "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"} } ], "questionText" : "To ask the Chancellor of the Exchequer, with reference to increased mortgage interest rates, what steps his Department is taking to promote credit unions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"} , "tablingMember" : {"_about" : "http://data.parliament.uk/members/4607", "label" : {"_value" : "Biography information for Stephanie Peacock"} } , "tablingMemberConstituency" : {"_value" : "Barnsley East"} , "tablingMemberPrinted" : [{"_value" : "Stephanie Peacock"} ], "uin" : "195553"} , {"_about" : "http://data.parliament.uk/resources/1626732", "AnsweringBody" : [{"_value" : "Treasury"} ], "answer" : {"_about" : "http://data.parliament.uk/resources/1626732/answer", "answerText" : {"_value" : "
Annual statistics on credit unions in the UK are publicly available from the Bank of England website<\/a>. Details of registered co-operative societies and the years they are or have been active can be accessed from the Mutuals Public Register<\/a>.<\/p> <\/p> Additionally, the latest Co-op Economy Report reveals that the number of independent co-operatives in the UK grew by 1.2% in 2020, despite the challenges posed by the Covid-19 pandemic. There are now over 7,000 independent co-operatives, with more than 250,000 employees and nearly 14 million UK co-operative members. These co-operatives contributed £39.7 billion to the UK economy in 2021, up by £1.1 billion from 2020.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"}
}
, "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"}
, "answeringMemberPrinted" : {"_value" : "Andrew Griffith"}
, "dateOfAnswer" : {"_value" : "2023-05-15", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "184431"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2023-05-15T14:21:05.92Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2023-05-10", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, if he will make an estimate of the number of credit unions operating in the UK in each year since 2010.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4471", "label" : {"_value" : "Biography information for Rachael Maskell"}
}
, "tablingMemberConstituency" : {"_value" : "York Central"}
, "tablingMemberPrinted" : [{"_value" : "Rachael Maskell"}
], "uin" : "184430"}
, {"_about" : "http://data.parliament.uk/resources/1536242", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1536242/answer", "answerText" : {"_value" : " 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> 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> Responsibility for credit unions in Northern Ireland is a devolved matter.<\/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>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4874", "label" : {"_value" : "Biography information for Andrew Griffith"}
}
, "answeringMemberConstituency" : {"_value" : "Arundel and South Downs"}
, "answeringMemberPrinted" : {"_value" : "Andrew Griffith"}
, "dateOfAnswer" : {"_value" : "2022-10-31", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2022-10-31T14:24:40.677Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2022-10-26", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4846", "label" : {"_value" : "Biography information for Colum Eastwood"}
}
, "tablingMemberConstituency" : {"_value" : "Foyle"}
, "tablingMemberPrinted" : [{"_value" : "Colum Eastwood"}
], "uin" : "72482"}
, {"_about" : "http://data.parliament.uk/resources/1353393", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1353393/answer", "answerText" : {"_value" : " The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members\u2019 savings and affordable loans to those who may otherwise have to resort to high-cost lenders.<\/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> 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>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2021-09-10", "_datatype" : "dateTime"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-09-10T07:04:01.477Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-09-07", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "To ask the Chancellor of the Exchequer, what assessment he has made of the levels of local authority support for credit unions.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4268", "label" : {"_value" : "Biography information for Steve Reed"}
}
, "tablingMemberConstituency" : {"_value" : "Croydon North"}
, "tablingMemberPrinted" : [{"_value" : "Steve Reed"}
], "uin" : "44358"}
, {"_about" : "http://data.parliament.uk/resources/1311566", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1311566/answer", "answerText" : {"_value" : " HM Treasury officials have regularly engaged with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact of the COVID-19 pandemic on the credit union sector. I have also engaged 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> 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. On 20 May 2020, the Government announced that additional funding through the dormant assets scheme would be released immediately to Fair4All Finance. This included an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit. I am also aware that credit unions have had access to wider COVID-19 support schemes, including the Coronavirus Job Retention Scheme, and grant funding from local authorities.<\/p>Capital requirements for credit unions are a matter for the Prudential Regulation Authority (PRA). In March 2020, the PRA concluded its consultation into simplifying the capital regime for credit unions. This reduced complexity by removing the link between a credit union\u2019s activities and membership with capital requirements, removed the old 2% capital buffer, and introduced a graduated rate approach to capital requirements. These proposals were broadly supported by the credit union sector. <\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2021-04-27", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "185969"}
, {"_value" : "185971"}
, {"_value" : "185972"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-04-27T14:31:24.333Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-04-22", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4463", "label" : {"_value" : "Biography information for Chris Stephens"}
}
, "tablingMemberConstituency" : {"_value" : "Glasgow South West"}
, "tablingMemberPrinted" : [{"_value" : "Chris Stephens"}
], "uin" : "185970"}
, {"_about" : "http://data.parliament.uk/resources/1311118", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1311118/answer", "answerText" : {"_value" : " HM Treasury officials have regularly engaged with the Financial Conduct Authority and Prudential Regulation Authority to understand the impact of the COVID-19 pandemic on the credit union sector. I have also engaged 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> 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. On 20 May 2020, the Government announced that additional funding through the dormant assets scheme would be released immediately to Fair4All Finance. This included an expanded Affordable Credit Scale-up Programme, which aims to improve the access and availability of affordable credit. I am also aware that credit unions have had access to wider COVID-19 support schemes, including the Coronavirus Job Retention Scheme, and grant funding from local authorities.<\/p> Capital requirements for credit unions are a matter for the Prudential Regulation Authority (PRA). In March 2020, the PRA concluded its consultation into simplifying the capital regime for credit unions. This reduced complexity by removing the link between a credit union\u2019s activities and membership with capital requirements, removed the old 2% capital buffer, and introduced a graduated rate approach to capital requirements. These proposals were broadly supported by the credit union sector.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4051", "label" : {"_value" : "Biography information for John Glen"}
}
, "answeringMemberConstituency" : {"_value" : "Salisbury"}
, "answeringMemberPrinted" : {"_value" : "John Glen"}
, "dateOfAnswer" : {"_value" : "2021-04-26", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : [{"_value" : "185424"}
, {"_value" : "185425"}
, {"_value" : "185427"}
], "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-04-26T11:10:27.887Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-04-21", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "1"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25259", "prefLabel" : {"_value" : "House of Commons"}
}
], "questionText" : "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.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4463", "label" : {"_value" : "Biography information for Chris Stephens"}
}
, "tablingMemberConstituency" : {"_value" : "Glasgow South West"}
, "tablingMemberPrinted" : [{"_value" : "Chris Stephens"}
], "uin" : "185426"}
, {"_about" : "http://data.parliament.uk/resources/1309294", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1309294/answer", "answerText" : {"_value" : " The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members\u2019 savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.<\/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\u2019s 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> 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> 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\u2019s commitment to legislative change and ongoing support for the sector.<\/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\u2019 needs and support the development of the credit union sector.<\/p>"}
, "answeringMember" : {"_about" : "http://data.parliament.uk/members/4689", "label" : {"_value" : "Biography information for Lord Agnew of Oulton"}
}
, "answeringMemberPrinted" : {"_value" : "Lord Agnew of Oulton"}
, "dateOfAnswer" : {"_value" : "2021-04-27", "_datatype" : "dateTime"}
, "groupedQuestionUIN" : {"_value" : "HL14968"}
, "isMinisterialCorrection" : {"_value" : "false", "_datatype" : "boolean"}
, "questionFirstAnswered" : [{"_value" : "2021-04-27T10:49:05.813Z", "_datatype" : "dateTime"}
]}
, "answeringDeptId" : {"_value" : "14"}
, "answeringDeptShortName" : {"_value" : "Treasury"}
, "answeringDeptSortName" : {"_value" : "Treasury"}
, "date" : {"_value" : "2021-04-15", "_datatype" : "dateTime"}
, "hansardHeading" : {"_value" : "Credit Unions"}
, "houseId" : {"_value" : "2"}
, "legislature" : [{"_about" : "http://data.parliament.uk/terms/25277", "prefLabel" : {"_value" : "House of Lords"}
}
], "questionText" : "To ask Her Majesty's Government what assessment they have made of the credit union sector in the UK.", "registeredInterest" : {"_value" : "false", "_datatype" : "boolean"}
, "tablingMember" : {"_about" : "http://data.parliament.uk/members/4153", "label" : {"_value" : "Biography information for Lord Kennedy of Southwark"}
}
, "tablingMemberPrinted" : [{"_value" : "Lord Kennedy of Southwark"}
], "uin" : "HL14967"}
, {"_about" : "http://data.parliament.uk/resources/1309295", "AnsweringBody" : [{"_value" : "Treasury"}
], "answer" : {"_about" : "http://data.parliament.uk/resources/1309295/answer", "answerText" : {"_value" : " The Government recognises the vital role of credit unions in the financial wellbeing of their communities, providing an ethical home for their members\u2019 savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.<\/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\u2019s 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> 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> 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\u2019s commitment to legislative change and ongoing support for the sector.<\/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\u2019 needs and support the development of the credit union sector.<\/p>"}
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