HM Treasury has proposed letting local credit union members continue referring relatives or household members for membership after moving outside the area. Bank of England data indicate that more than 50,000 people across Great Britain would gain referral rights, potentially extending access to savings accounts and small loans at lower interest rates.
HM Treasury has announced a proposed reform allowing members of local credit unions to refer relatives or household members for membership after moving out of the area. More than 50,000 people across Great Britain who currently cannot make such referrals would become eligible, according to Bank of England data. The change could widen access to savings accounts and small loans at lower interest rates.
Credit union membership requires a “common bond,” such as living in the same area or sharing an employer. The proposal follows an increase in the membership cap for local credit unions from 3 million to 10 million. Other reforms expand access for students and allow members of credit unions based on employment to continue referring relatives after retirement.
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