Credit Union Common Bond Reform
Applies to England, Scotland and Wales
Call for evidence description
Credit unions are member-owned and democratically controlled financial institutions which primarily provide loans and savings products to their members. Under the Credit Unions Act 1979, credit union members must have specific common bonds between them. These are the links and common communities between members.
The aim of this call for evidence is to understand whether there is a case to change parts of the common bond requirement, in order to help credit unions grow sustainably and ensure this aspect of the legislative framework for credit unions is fit for the 21st century.
This call for evidence only seeks views on the common bond for credit unions in England, Wales, and Scotland. This is because responsibility for credit unions in Northern Ireland is a devolved matter for the Northern Ireland Executive.
How to respond and next steps
The call for evidence consists of 15 open-ended questions and will run for 16 weeks until 11:45 PM on 6 March 2025.
The Government welcomes input from all those interested in this call for evidence.
Following this call for evidence, the Government will publish a summary of responses and its proposed next steps, which may include a consultation on specific proposals.
Responses to this call for evidence should be emailed to: creditunions@hmtreasury.gov.uk