Please see below for information from DWP.
Dear Stakeholder
You are aware that DWP has managed a feasibility study to examine the scope and options for the modernisation and expansion of credit unions.
The feasibility study is now complete and has established that:
· there is a market and demand from low income consumers for modern banking products and services, and that the total market could be as high as 7 million people.
· credit unions are ideally placed, serving their local communities, to help meet this demand and serve an additional 1 million people.
· consumers on lower incomes would be
willing to trust credit unions to provide their financial service.
· credit unions can become
financially sustainable if they:
Ø complete a major programme of business
and cultural change
Øintroduce
automated systems to reduce their operating costs and allow them to introduce
the modern financial services that potential new customers need
Øattract a balanced mix of customers able to make deposits, and take out loans with a wider value range than can be the case at present.
The full Feasibility Study Report has now been published on the DWP Growth Fund website, and we are seeking informal views on the proposals. To access the report, please go to:
http://www.dwp.gov.uk/other-specialists/the-growth-fund/latest-news/
Marie Murphy
CSO Support
Officer | Department for Work and Pensions| Financial Control Directorate | Room 1001 | Durham House | Washington| NE38 7SF | Tel 0191 2247842 | Ext 47842 |www.dwp.gov.uk |
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