Credit unions now open to wider membership including community groups, charities and social enterprises. The Credit Unions Act has changed to allow credit unions to provide services to new groups and to develop new services and partnerships.

Previously everyone eligible to join a credit union had to have something in common but this requirement has now been removed, leaving credit unions free to extend their operations by offering financial services to organisations such as housing providers, social enterprises and businesses, community groups and charities.

For more information see the Association of British Credit Unions Limited’s website: www.abcul.coop/media-and-research/news/view/208