UK credit union law reform

The UK Economic Secretary to the Treasury, Kitty Ussher MP has announced a Legislative Reform package for credit unions that will include:

  • liberalising membership criteria, and radically changing the
    ‘common bond’, so that they can provide their services to a wider range
    of people;
  • making it possible for groups, rather than just individuals, to become members; and
  • allowing Credit Unions to pay interest on members’ deposits, provided certain conditions are met.
  • allowing them to charge market rates for providing ancillary services to their members;
  • lowering the minimum age for being an Officer of a Credit Union to 16, to align it with the minimum for Company Directors;
  • allowing Credit Unions to publish unaudited interim accounts; and
  • removing the statutory limit on non-qualifying members, but allowing Credit Unions to set their own limits if they wish.

More from The Guardian

Print Friendly, PDF & Email

Your Compliance Support Plan

We understand you need a cost-effective way to keep up to date with regulatory changes. Talk to us about our fixed price plans.