Leeds Credit Union Welcomes the Chancellors Announcements on Encouraging Credit Union Savings and Fintech

Wednesday, November 23, 2016

From 2018, the Government will expand an existing scheme which incentivises credit union membership in communities at risk of being targeted by loan sharks. This will use funds recovered under the Proceeds of Crime Act from convicted loan sharks.

Chris Smyth, Leeds Credit Union Chief Executive said:  “the fact that credit unions have been explicitly referenced in an Autumn Statement demonstrates the growing importance of credit unions in the economy and the value of credit unions for savers.”

The Chancellors announcement is also one part of the Government’s commitment to deliver on its manifesto promise to support credit unions in the delivery of financial services to increase choice in retail financial services.

Leeds Credit Union also welcomes the Government’s announcement to invest a further £500m in the development of Fintech. Fintech is the name given to the development of computer technology (IT) for use in Financial Services.

Chris also commented: “The development of clever and innovative IT is also really important to enable credit unions and other financial institutions to offer increasingly better services for their members and to help people access financial services.”