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Credit Unions Given A Boost

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  • Credit Unions Given A Boost

    Credit unions given a boost
    New legislation extends their services

    09 November 2011

    ABCUL welcomes the new legislation that will allow credit unions to grow

    Credit unions across Britain have welcomed news that Parliament has approved changes to legislation freeing up credit unions to reach many more members, including community groups and businesses.
    A Legislative Reform Order (LRO), which makes changes to the Credit Unions Act 1979, has been approved by Parliament and new rules that enable credit unions to compete more effectively with banks and other lenders will be in place by January 2012.
    The Order makes a number of changes, including allowing credit unions to provide services to community groups, attract investment from local businesses and extend services to new groups, including housing association tenants and employees. Credit unions will also be able to pay interest on savings, instead of a dividend, so people will more easily be able to compare rates. Personal loans are also offered by credit unions.
    A more level playing field
    Mark Lyonette, chief executive of the Association of British Credit Unions (ABCUL), said: 'Credit unions in Britain are delighted that legislative reforms have been agreed by Parliament which free up the sector to compete on a more level playing field. ABCUL has campaigned long and hard for these changes so we're happy that credit unions will be able to use the new powers from the New Year.'
    Chair of the All Party Parliamentary Group on Credit Unions, Damian Hinds MP said: 'I'm very pleased that the LRO has now been made. It opens up so many new possibilities for the sector to evolve, innovate and grow. The regulatory changes will help credit unions work more effectively with partners including housing providers and employers, and encourage more people to develop a savings habit.'
    Which? supports credit unions
    Which? has long supported the credit union movement and welcomes the new legislation. Britain's 450 credit unions let people in a local community, workplace or other organisation save and borrow money. Owned and controlled by their members, credit unions have no outside shareholders to pay.
    They are run by volunteers elected by the membership and any profit they make is used to develop the credit union and provide a return to savers. You can access savings accounts via credit unions, which pay decent if not market-leading rates, and are covered up to £85,000 by the Financial Services Compensation Scheme.
    Credit unions also lend to people who might otherwise be tempted to consider payday or doorstep loans. If you're looking for a mainstream personal loan, check out our new, improved Best Rate personal loan tables. Find the best deals for borrowing £5,000 over 3 years or £10,000 over 5 years.
    More on this...
    Credit unions explained - the Which? guide to credit unions
    Which? Best Rate personal loans - the best loan deals if you're looking to borrow £5,000 or £10,000
    Government commits more money to credit unions - £73 million to fund the expansion of credit unions


    Read more: Credit unions given a boost - November - 2011 - Which? News
    Consumer Champions Which?
    Under Creative Commons License: Attribution Non-Commercial
    "Although scalar fields are Lorentz scalars, they may transform nontrivially under other symmetries, such as flavour or isospin. For example, the pion is invariant under the restricted Lorentz group, but is an isospin triplet (meaning it transforms like a three component vector under the SU(2) isospin symmetry). Furthermore, it picks up a negative phase under parity inversion, so it transforms nontrivially under the full Lorentz group; such particles are called pseudoscalar rather than scalar. Most mesons are pseudoscalar particles." (finally explained to a captivated Celestine by Professor Brian Cox on Wednesday 27th June 2012 )

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  • #2
    Re: Credit Unions Given A Boost

    Good news indeed. The credit unions do a superb and very useful job. They deserve all the support they can get.

    Comment


    • #3
      Re: Credit Unions Given A Boost

      I found the following document by complete accident while looking into something else, so not sure of whether it is useful or useless:

      http://www.dwp.gov.uk/docs/credit-un...udy-report.pdf
      "Family means that no one gets forgotten or left behind"
      (quote from David Ogden Stiers)

      Comment


      • #4
        Re: Credit Unions Given A Boost

        excellent i've looked up my local one . now can i find a fiver per week?

        Comment

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