King’s Speech Reinforces Government Support for Credit Union Reform

14/05/2026

The King’s Speech 2026 has reinforced the growing importance of credit unions within the UK’s financial services landscape, with the Government confirming continued commitment towards common bond reform, wider financial inclusion measures and a new review into access to face-to-face banking services.

The speech recognised the financial services sector as a vital part of the UK economy – supporting growth, enabling investment and providing essential financial services to households and businesses across the country. Importantly, the Government also highlighted the role credit unions play in supporting communities nationwide through access to ethical, affordable finance.

Alongside reforms to strengthen the mutual sector, the Government announced plans for an independent review into access to banking services across the UK. The review will examine the impact of bank branch closures and changes to in-person banking services on consumers and communities, particularly those who may rely on face-to-face financial support.

The Government also confirmed it intends to legislate for powers to act on the findings of the review if further protections are required. The announcement builds on the continued rollout of banking hubs and wider efforts to improve access to essential financial services within local communities.

Of particular significance for the credit union sector was confirmation that the Government intends to progress reforms to common bond rules through the Financial Services and Markets Bill. The proposed changes are designed to help credit unions expand membership eligibility, enabling more people and communities to access community-based financial services.

The Government stated that the reforms would support its ambition to double the size of the mutual and co-operative sector, while strengthening access to affordable finance across Great Britain.

According to figures referenced within the Government’s briefing documents, credit unions currently serve more than 1.5 million people across Great Britain. The proposed reforms aim to make it easier for the country’s 220 credit unions to attract new members and extend their reach further into local communities.

All Together Money Chief Executive, Matt Bland, said: “We’re delighted to see credit union common bond reform confirmed in the King’s Speech. This is a significant step forward for the sector in delivering our Credit Union Sector Growth Plan.

“The proposed changes will remove barriers to growth and provide credit unions with greater flexibility to reach many more people with affordable financial services alongside the major Fair4All Finance investment in credit union transformation committed to in the Financial Inclusion Strategy.”