Financial Conduct Authority and Prudential Regulation Authority: Credit Unions

Treasury written question – answered on 4th December 2020.

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Photo of Gareth Thomas Gareth Thomas Shadow Minister (International Trade)

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.

Photo of John Glen John Glen Minister of State (Treasury) (City), The Economic Secretary to the Treasury

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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