ABCUL CEO Reflects on the Past Year for the Sector

Friday 20 December 2024

As 2024 draws to a close, it’s been a year of remarkable opportunities and significant progress for both the British credit union sector and ABCUL. CEO Robert Kelly reflects on what has been a hugely positive and impactful year for the movement across the country.

“As I reflect on what has been an outstanding year for our sector, I take great optimism into the new year that the movement continues to play a vital role in building a better world by fostering financial inclusion, strengthening communities, and promoting shared prosperity. A remarkable milestone has been achieved in 2024 as total credit union savings across Great Britain have reached an all-time high of £2.34 billion, reflecting an impressive 19% growth over the past year. This success highlights the growing impact of credit unions in supporting individuals and families.

“This year, we celebrated a major digital enhancement with the successful launch of our new website, a project driven by our commitment to better serve our members. The updated platform significantly enhances the user experience, making it easier than ever for members to access resources, connect with one another, and stay informed about the latest in the credit union sector. We’re thrilled with the positive feedback and proud of how this initiative reflects our dedication to innovation and continuous improvement for our members’ benefit.

“In March, ABCUL Members returned to the Midland Hotel for its annual conference event. This year, the conference brought together over 250+ attendees who were welcomed by expert speakers within the financial movement. I’m filled with pride and gratitude for the incredible energy and engagement that was experienced by attendees. The outstanding feedback from our members is a testament to the strength of our collective mission and the true cooperative spirit that defines our credit union community.

On the launch of ABCUL’s Community Development Credit Union (CDCU) project in Liverpool this September. Robert said: “The pilot project and accompanying white paper emerged from over a decade of collaboration and dialogue with the North American credit union system, particularly our innovative partnership with Inclusiv, the U.S.-based credit union trade association. Their 50-year legacy of supporting credit unions has been instrumental in shaping our vision for this initiative.”

“Credit unions are perfectly positioned to support key demographics and priority groups that we can now clearly identify as part of our sector’s impact. Increased support through initiatives like the CDCU designation will allow credit unions to reach even more financially vulnerable and excluded members of society.”

As Sir Keir Starmer’s Labour government begins this new chapter, we at ABCUL are committed to forging a strong, collaborative relationship that supports the government’s priorities while championing the transformative power of credit unions. We see this as a pivotal moment to deepen our impact and demonstrate how the credit union sector can deliver sustainable growth and meaningful benefits to communities across the country.

Together with the Chief Executives of Co-operatives UK, the Association of Financial Mutuals, and the Building Societies Association, we have written to Sir Keir Starmer, offering the collective expertise and commitment of the mutual sector. By working together, we can play a key role in driving economic resilience, financial inclusion, and long-term social prosperity. The mutual model has a proven track record of empowering individuals and strengthening communities, and we are eager to partner with the new government to help deliver its vision for a stronger, fairer society.”

The Chancellor of Exchequer, Rachel Reeves MP delivered her first ‘Mansion House Speech’ to the financial and professional services sectors.

Alongside pledges to reduce regulation of the financial services sector, boost the use of Fintech and invest in business, the Chancellor also announced the launch of a call for evidence on the credit union common bond and asking regulators to report on the mutuals landscape.

“ABCUL is committed to ensuring that greater flexibility within common bonds is introduced while preserving proportional legislation and regulation,” Robert states. “By addressing these challenges thoughtfully, we can create a more enabling environment that supports the credit union sector’s continued growth and resilience, benefiting the millions of members we serve.

“We look forward to continued dialogue with our members and stakeholders as we advance this important work.”

Looking ahead to 2025, Robert added: “As part of the global celebration of the International Year of Cooperatives, ABCUL is proud to support this important initiative. The cooperative movement, grounded in the ethos of ‘people helping people,’ aligns perfectly with the mission of credit unions.

“The International Year of Cooperatives aims to raise awareness of the vital contributions cooperatives make to economic and social development worldwide. ABCUL is dedicated to working toward this vision by championing the credit union ethos and showcasing how cooperative values empower individuals and strengthen communities.

“As I prepare to step down as CEO in the new year, I find myself reflecting on the incredible journey of the past six years with ABCUL. It has truly been the honour of a lifetime to lead this remarkable organisation and to work alongside such talented and passionate individuals. Together, we’ve achieved so much in championing credit unions, driving innovation, and strengthening our collective mission to serve members and communities across the country.

The search for my successor is well underway, and I am confident that the organisation will continue to thrive under new leadership, building on the solid foundations we’ve laid together.

I want to express my deepest gratitude to the ABCUL Board, our dedicated staff, and our exceptional members. Your unwavering commitment to serving members and supporting wider communities lies at the heart of everything we do, and it has been an absolute privilege to be a part of this shared mission. Thank you for your trust, collaboration, and dedication.”