Credit unions can help increase diversity in financial services
The Government has an aim to increasing diversity in financial services, and Mark Lyonette, Chief Executive of the Association of British Credit Unions (ABCUL), thinks they are in an ideal position to help.
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 Secretary Mark Hoban that the Coalition Government would support the sector to expand and serve more people.
“Once new legislation is in place – and we sincerely hope that any further delays can be avoided – many more individuals, as well as local community groups and businesses, will be able to access credit union services.
“We are confident that everyone in Britain will soon be able to join a credit union and have the option of a mutual and local home for their money.
“I look forward to seeing how the Government’s aims of fostering diversity and promoting mutuals will translate into action to support the growth of the credit union sector.”
Financial Secretary to the Treasury Mark Hoban MP, who also spoke at the fringe meeting, said: “The Government supports credit unions as part of its policy commitment to foster diversity in financial services, promote mutuals and create a more competitive banking industry.
“I believe that strong credit unions, as part of a diverse financial services sector, will greatly enrich British society. It is in our interest, therefore, that the credit union movement should prosper and we are determined to help credit unions grow and expand into the future.”