Figures from the Financial Services Authority show strong growth in credit unions
04 May 12
Figures released recently by the Financial Services Authority show that the British credit union sector, offering its ethical and inclusive brand of financial services, goes from strength to strength with a 12% increase in deposits, 14% increase in lending and 15% increase in assets in 2011.
Though remaining a small part of the wider financial services market, credit unions are bucking the wider economic trend by continuing the growth seen over the past decade, with growth between 2001 and 2011 of more than 300%.
Commenting on the latest figures, ABCUL Chief Executive, Mark Lyonette said: “We are delighted to see the long-term growth trend for the British credit union sector continue in 2011. As the sector has increasingly recognised the need to provide a modern, professional and flexible service, it has been rewarded with excellent year-on-year growth.
“With the historic legislative reforms secured in January now starting to bed in and the development of a shared business model for the sector now firmly established, we are laying the foundations for continued impressive growth well into the future.”
Figures from unaudited returns submitted to and compiled by the Financial Services Authority