The BSA responded to this important consultation on behalf of its three major credit union members - No.1 CopperPot and Capital Credit Unions which are full members, and Glasgow Credit Union which is an associate member. We concentrated in this response on those items within the joint CP that have the greatest impact on these members.

The BSA supports a growing, diverse and sustainable credit union sector that brings additional competition to mainstream bank lenders as well as providing savings and credit to those otherwise reliant on payday lenders and loan sharks. Any measures that demonstrably promote this vision can be welcomed, but other measures, that could –perhaps inadvertently- hinder this vision, should be revised or reconsidered.

We encourage the PRA to continue a constructive dialogue with our members, and to assist in that, we include some specific counter-proposals for discussion.

Read the full response here.