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Proposals for a Legislative Reform Order for Credit Unions and Industrial & Provident Societies in Great Britain
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Contact: Rachel Le Brocq Date: 11 Sep 2008 |
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On 23 July, HM Treasury published a consultation document on a Legislative Reform Order to amend the legislation for Credit Unions and Industrial & Provident Societies in Great Britain.
Among the LRO’s proposals include, for Credit Unions, replacing the “common bond” requirement for credit unions with a “field of membership” test; allowing credit unions to admit bodies corporate, unincorporated associations or partnerships to their membership and allowing credit unions to offer interest on deposits provided certain conditions are met.
A new All Party Group of MPs and Peers on credit unions, chaired by Kerry McCarthy, MP, has also been established.
