FCA backs calls for more alternatives to high-cost credit by removing restrictions on current credit union activities

“The Woolard Review - A review of change and innovation in the unsecured credit market” https://www.fca.org.uk/.../corp.../woolard-review-report.pdf

Recommendation 8 of the FCA’s “Woolard Review - A review of change and innovation in the unsecured credit market” says that: “Credit unions offer an important alternative to high-cost credit and enable wider financial inclusion. To fully realise their potential there is a case for removing some of the current restrictions on their activities. The FCA should work with the Bank of England, Treasury and Northern Irish government to set the timetable on updating the Credit Unions Act 1979 and Credit Unions (Northern Ireland) Order 1985 to allow credit unions to expand their product offering.”

ACE is currently working with the other UK trade bodies to influence the Regulatory changes.