Financial Conduct Authority and Prudential Regulation Authority: Credit Unions

(asked on 26th November 2020) - View Source

Question to the HM Treasury:

To ask the Chancellor of the Exchequer, whether he plans to require the (a) Prudential Regulation Authority and (b) Financial conduct Authority to provide a payroll deduction service to allow staff to save more easily with a credit union; and if he will make a statement.


Answered by
John Glen Portrait
John Glen
Paymaster General and Minister for the Cabinet Office
This question was answered on 4th December 2020

The Government recognises the vital role credit unions play in the financial wellbeing of their communities, providing an ethical home for their members’ savings, and affordable loans to those who may otherwise have to resort to high-cost lenders.

The legislative framework provides for the regulators to be operationally independent from Government, and HMT has no role in setting employee policies.

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