Question to the HM Treasury:

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.

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.

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.

Responsibility for credit unions in Northern Ireland is a devolved matter.

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.