The UK Government today announced a series of reforms that will help credit unions support even more people across the country, including the increase of the potential membership cap from 3 million to 10million per credit union.
Our CEO, Frances McCann said:
“Today’s announcement is excellent news for credit unions and for the communities we serve. Raising the locality cap to ten million potential members and modernising the rules around family and retirement membership are exactly the kind of practical, meaningful reforms the sector has been asking for.
At Scotwest we see every day the difference a credit union can make to households that need an affordable alternative to high-cost credit. These changes will allow more credit unions to reach more of those people.”