Your Industry  

Credit union membership on the rise

Credit union membership on the rise

Credit unions had an increasing total number of adult members in the third quarter of 2014, Bank of England figures have shown.

The BoE’s four-page document, Credit Union Quarterly Statistics: September 2014, revealed that UK credit unions had 1,564,063 adult members in the third quarter, compared with 1,549,695 in the previous quarter.

The statistics also showed that credit unions made a £12.9m interim profit for the third quarter of 2014.

Article continues after advert

Credit unions have gained support from figures including the Archbishop of Canterbury and the Duchess of Cornwall.

Adviser view

Speaking about the liquidation of one credit union in 2013, Dean Smith, director of Bristol-based advisory firm My IFA Friend, said: “Credit unions provide a valuable service for the less well-off, and their use should be encouraged over alternatives such as payday lenders. But they must be run like proper businesses, with stringent measures in place to protect savers and creditors.”