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Detail of outcome
This document summarises the background to the consultation, previous government support for the credit union sector and the responses to each of the questions asked in the call for evidence. It then discusses the government’s response and the next steps that the government will take to create an environment in which the credit union sector can prosper.
The government will respond to the call for evidence by:
- committing to fund the pilot savings programme established by the Archbishop of Canterbury’s Credit Union Taskforce
- tasking the PRA and FCA to use the evidence gathered by the government in their review of the Credit Union Sourcebook
- actively considering legislative amendments to be pursued in the next parliament
- ensuring that all credit unions are engaged as the Credit Union Expansion Project begins to deliver more products
The government recognises the importance of the credit union sector and the vital service it provides to its members. The government is confident that the next steps outlined in this response will help credit unions to thrive and show that credit unions can offer financial services to a range of different consumers within a community.
To mark the 50th anniversary of credit unions in Great Britain, the Economic Secretary to the Treasury, Andrea Leadsom, has launched a call for evidence on the future of the credit unions sector.
The call for evidence seeks views from credit unions, the private sector and wider society on what the credit union sector should look like in the future. Specifically:
- what is the credit union movement’s vision for their sector, and how can the government help them achieve it?
- what more can the private sector and wider society do to support credit unions?
When responding please say if you are a business, private individual or representative body. In the case of representative bodies please provide information on the number of people or businesses you represent.