In a recent report, the Financial Conduct Authority (FCA) has called for improvements in credit union legislation, to enable them to provide even more affordable loans in competition to high-cost pay day and door step lenders.
Chris Smyth, Chief Executive of Leeds Credit Union, one of the UK’s largest with 36,000 members, commented; “Credit unions, by a margin of hundreds of millions of pounds, are the most active and sustainable providers of affordable credit to those who borrow from expensive alternatives, such as door step and payday loan companies. Leeds Credit Union has been at the forefront of calling for improvements to credit union legislation to allow us to expand further and play a bigger role in disrupting high-cost credit.”
Leeds City Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213369).
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