Last week Cost of Living payments started to be issued, as a result there has been an increase in the number of calls from Credit Unions, Corporate appointees and some NHS Secure Units to advise that they have been unable to identify who the payments should be allocated to as the reference is just 'Cost of Living'.
A solution has been agreed with Finance colleagues which will allow Credit Unions, Corporate Appointees and NHS Secure Units to email to following inbox This email address is being protected from spambots. You need JavaScript enabled to view it. with the payment reference numbers and 'Cost of Living payment' in the subject line. This will allow Finance to identify by return email who these payments are intended for.
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Coronavirus COVID 19
You may have already started to write your own Contingency Plans for the impact of COVID 19. With thanks to all UK Credit Union Trade Associations the factsheet here is not meant to replace or change anything that you have already implemented but it might help those of you who have not yet planned how to respond to the impact of Covid-19 as yet.
2020 Budget proposes changes to Credit Union legislation
The Chancellor announced at Budget yesterday that the Government will bring forward legislation to allow credit unions to offer a wider range of products and services to their members, supporting their vital role in financial inclusion. The Budget document is available here, and the specific announcement is on p100.
As the Government conducted a wide-ranging consultation on the future of the credit union sector in 2014, they believe it would be unnecessary to repeat the process at this point. However, HM Treasury is keen to engage with the sector on the specifics of the changes.
