Abcul welcomes legislation reform proposals
www.moneynews.co.uk > General finance > Abcul welcomes legislation reform proposals
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Abcul welcomes legislation reform proposals
Thu 16th Apr 2009
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Mark Lyonette, the chief executive of the industry body, said that he is particularly happy about the government's decision to allow credit unions to choose the kind of shares they wish to offer to corporate bodies.
He also welcomed the move to increase the limit for a common bond - which determines who can join a credit union - to two million people for geographical common bonds.
Mr Lyonette added: "It's great news. This reaffirms the government's commitment to updating credit union legislation, which is badly needed by the sector if we are to fulfil our true potential in Britain."
Credit unions are cooperative financial institutions that are owned and governed by their members. They aim to encourage members to save as well as providing credit at reasonable rates to other members.
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