Consultation Responses

ABCUL, as the principal trade association for credit unions in Britain and a key player in the development of inclusive financial services, actively responds to many consultations and inquiries.

Credit unions are relevant to a broad range of policy areas as is reflected by this selection of consultation responses from the past year.

Office of Fair Trading - Barriers to Entry, Expansion and Exit in Banking As part of its ongoing review of financial services, the OFT looked at barriers to entering and operating in the banking industry. We make the case for the merits of a centralised back office system for credit unions which would provide them access to the economies of scale enjoyed by larger organisations whilst retaining their local autonomy, amongst other impediments to credit union growth.

HM Treasury - Children's Savings: Options for Future Accounts Following the announcement of the repeal of the Child Trust Fund, we set out the credit union case for a replacement savings account for parents to put something aside towards their children's future. The Government have since pledged to introduce a Children's ISA.

Office of Fair Trading - High cost credit review

Drawing on our members' experience of competing with high-cost alternatives, we set out the state of the high-cost credit market in the post-crisis economy and set out the case for continued support for credit union development.

Accounting Standards Board - The Future of UK GAAP

We state the case - supported by considerable research - against applying EU-adopted, International Financial Reporting Standards to credit unions in Britain. The proposals provide no benefit whilst threatening the sustainability of the credit union sector.

Work and Pensions Committee - Local Housing Allowance

Credit unions around the country have set up schemes to help administer the local housing allowance system and prevent the excessive arrears it has caused in places. This memorandum sets out how the scheme operates.

ABCUL: Credit unions welcome progress on legislation

ABCUL – the Association of British Credit Unions – has welcomed steps taken in Parliament this week which will see increased access to safe and ethical financial services in communities and workplaces across the country.

Credit union delight at £73 million Government boost

Mark Lyonette, Chief Executive of ABCUL - the Association of British Credit Unions, has welcomed today's announcement that the Government is investing up to £73 million in credit unions over the next four years, and that the Post Office could play a central role in delivering credit union services.

ABCUL: Now there's an easier way to find your local credit union

Around 80% of people in England, Scotland and Wales can join a credit union because of where they live, work or the organisations they're members of, and this is growing all the time. Now there's one place where they can find out about the credit unions they can use.

ABCUL: Credit unions welcome Post Office plans

ABCUL - the Association of British Credit Unions - has welcomed today's policy statement from The Department for Business, Innovation and Skills (BIS) on its plans to secure the long term future of the Post Office.

ABCUL: Credit unions can help increase diversity in financial services

Speaking at a fringe event at the Conservative Party Conference, Mark Lyonette explained how credit unions now serve nearly a million people in England, Scotland and Wales and sought reassurance from Financial Services.