Building society and credit union bodies to discuss the future of mutuals with Committee
Representatives from the building society and credit union sectors will appear before the Treasury Committee.
Meeting details
Across the UK, there are 42 building societies and 350 credit unions with approximately 27 million and 2 million members respectively. Though the total assets of both sectors have increased in recent years, the number of providers has reduced.
The UK Government has set out a commitment to double the wider cooperative and mutuals sector. MPs may use this session to explore the challenges and opportunities facing the UK’s financial mutuals and consider how best to drive an expansion of the sector.
Members are likely to examine whether mutuals are being held back by the current pace of Government legislation and the role played by regulators in supporting growth and promoting new ways for mutuals to raise capital. The Committee is also likely to examine the sector’s response to the Financial Inclusion Strategy, into which the Committee is holding a seperate inquiry.