Post Office: Credit Unions
Business, Innovation and Skills
Mark Lancaster (Milton Keynes North, Conservative)
Mark Prisk (Minister of State (Business and Enterprise), Business, Innovation and Skills; Hertford and Stortford, Conservative)
Post offices currently work with the credit union sector in a number of ways. For example more than 20 credit unions use Co-operative Finance's banking platform for cash receipts, payments and balance inquiries at the post office. Over 60 credit unions use Post Office's bill payment facilities to enable repayments of their loans. The Department for Work and Pensions' feasibility study into credit unions is an important next step in understanding how the credit union sector could further develop, and how this might enable it to work more widely with Post Office Ltd in the future.