Question to the HM Treasury:

To ask Her Majesty's Government whether they have any plans to expand the scope of products that credit unions can choose to provide to their members.

The Government is committed to building an economy that works for everyone and credit unions play a key role in this by offering affordable, responsible credit to some communities.

In response to the Government’s 2014 Call for Evidence on the future of credit unions, the Government committed to consider potential legislative changes in the previous Parliament that would help the sector grow and thrive.

However, it is important to consider any changes carefully to avoid unintended consequences, such as bringing smaller credit unions into regulation that might not be proportionate.

The Government remains committed to supporting the sector and will continue to work with interested stakeholders to achieve this. The government is also keen for the sector to look for further opportunities to grow within the existing regulatory framework by exploring opportunities for collaboration within the sector.