Affordable Finance Access for Tens of Thousands More People

11/11/2026

Tens of thousands more families, workers, students and retirees will have access to affordable finance under a new credit union reform announced by the Government.

Under the proposed changes, someone who is a member of a credit union but moves out of the area it is situated will now be able to refer a relative or household member to become a member and access its services, strengthening their financial resilience. Currently, someone must live in the same area as the credit union to do so.

Over 50,000 people across Great Britain currently not able to refer a relative or household member would be able to do so because of this change, according to Bank of England data.

Economic Secretary to the Treasury, Lucy Rigby KC MP, said: “Credit unions are at the heart of communities up and down the country, offering a trusted route to access affordable finance, facilitating greater household resilience and promoting financial inclusion. That’s exactly why we’re supporting the sector to grow and reach even more people.”

This change is in addition to other reforms to expand access to credit unions and double the size of the sector, including:

• Raising the membership cap on local credit unions from three million to ten million members.

• Enabling students to join their local credit union and access its services.

• Allowing members of employment-based credit unions to continue to be able to refer relatives even after retirement.

Matt Bland, Chief Executive of All Together Money, said: “This is another positive step towards creating a more flexible legislative framework that supports the growth and development of credit unions, enabling them to reach more people and play an even greater role in strengthening financial inclusion across Great Britain.”