This week, UK Finance published its statement reiterating the support banks, building societies and credit unions are providing people in the UK as the country copes with the impact of the COVID-19 crisis.
In its statement, UK Finance said: “With the impact of coronavirus being felt across the country, the aim of every bank, building society and credit union is to ensure your peace of mind when it comes to your money. We know that many people may be worried about their finances at this time. Together we are working with the Government to make sure that we are giving you the support you need.”
Supporting the statement from UK Finance, ABCUL CEO, Robert Kelly said: “ABCUL supports the statement from UK Finance and the Association is doing its utmost to ensure the emerging needs of its member base, and the sector in general, are met as robustly as possible in this escalating crisis.
“This is a rapidly evolving situation and we are listening to your concerns. In the coming days and weeks, we'll be doing what we can to ensure that credit unions are equipped to work through these challenging circumstances.”
Also this week, a collective letter from the 7 UK credit union trade bodies and peer groups has been sent to the Economic Secretary to the Treasury, John Glen MP. The letter asks for clear guidance and support for the sector across the UK in the midst of the on-going COVID-19 crisis.
This month at the ABCUL Annual Conference, Chris Donald from the Prudential Regulation Authority, spoke to ABCUL members, reassuring them that the regulator was open to hear from credit unions about operational challenges they were facing in adjusting business practices during this time.
“These are not ordinary times; we may find ourselves in a period of great stress. We may find ourselves needing to tackle widespread problems with respect to the wider economy and your members’ interests,” he said, encouraging credit unions to engage with the regulator if they have concerns.