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After 27 years of voluntary commitment to key positions in BAG Credit Union, founder member Pam Farrant has retired as the BAG Credit Union Treasurer.

BAG Credit Union was registered in April 1992 and has grown steadily over the ensuing years within its small Common Bond area that covers people who live or work, in the area of the Upper Rhymney Valley,    which includes Bargoed, Aberbargoed and Gilfach (BAG), with a population of around 28,000 people.With a market penetration rate of around 12.5% BAG Credit Union has become a highly valued financial service in what is primarily a former Welsh Coalfields community.


Although Pam has stepped down as an executive director of BAG she will remain as a nonexecutive director and continue to pass on her knowledge and experience to remaining Board members and staff.

Bill Hudson, ACE CEO said: “Pam has been involved with BAG for as long as I have been working with credit unions in Wales and she has been a key part of the BAG success story. I am glad that she will continue to offer her time and backing to the credit union that she helped to start 27 years ago.”




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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.


Important Dates

November 2020
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