Joint response from NCUF and the BSA to HM Treasury credit union common bond reform Call for Evidence 

The BSA and NCUF welcome the opportunity to feed into HM Treasury’s planned reform of common  bonds.

While the common bond remains a critical part of a credit union’s structure and identity, it is appropriate that the Government is taking steps to modernise legislation, bringing the framework into the 21st  century, while supporting growth and sustainability across the sector. It is especially encouraging to see the Government consider reform now, alongside its commitment to doubling the size of the cooperative and mutual sector, given the valuable support credit unions provide to both society and the wider  economy.

The BSA and NCUF firmly believe the common bond should facilitate, rather than hinder, mutual  growth, and we believe that joining a credit union should be as easy and seamless as joining any other  financial institution.

Given the Government’s commitment to growing the sector, supporting people with fewer financial  choices, and strengthening communities while enhancing economic opportunities, changes to common  bonds are essential to unlocking the industry’s full potential and will greatly support better financial  inclusion. 

Read the full response here