600+ credit union professionals join the ABCUL Annual Conference

Tuesday 23 January 2024

This week, over 600 credit union professionals joined the Association’s first ever virtual annual conference and the largest gathering of credit unions in Great Britain. Speakers gave their insights about key issues for Britain’s credit unions to representatives of ABCUL members.

“The two-day virtual event has been a tremendous success. Our aim was to not poorly imitate our usual flagship face-to-face event in a virtual setting, and we managed to exceed all expectations of an online event. Each session offered delegates with the opportunity to not only enjoy inspiring speaker inputs, but also engage and interact with credit union colleagues from across the movement,” says ABCUL CEO, Robert Kelly

ABCUL members were able to join 16 workshop sessions over the two days, hear from eight keynote speakers and four inaugural member masterclass sessions focussing on lending, enhancing member services, marketing and digital communications and credit control took place with attendances of over 100 for each masterclass.”

For the third year in a row, the Economic Secretary to the Treasury, John Glen MP addressed members as a keynote speaker at the ABCUL Annual Conference.

John Glen reiterated Government’s commitment to bring forward legislative changes to the Credit Unions Act, to allow the sector to offer a wider range of products and services. The decision was announced in the 2020 budget, but Covid-19 disruptions put back the timetable for updating the act.

“Your valued members understand that you are essential to their financial well-being, an ethical home for their precious savings and a safety net for those who might otherwise have to rely on high-cost lender,” said Mr Glen.

The Minister welcomed ABCUL’s Vision 2025 strategy, which articulates that credit unions need to evolve, become more digitally efficient, and to offer a wider range of products and services.

With regard to amending the Credit Unions Act, the minister said he hoped top bring more certainty for credit unions – but changes would also require an appropriate regulatory regime.

He said the regulatory framework needed to work for larger as well as smaller credit unions that offer a more basic service.

“Keep talking to us keep working with us we do want the same thing, thriving credit unions that go from strength to strength,” he added.

Sarah Breeden, executive director for UK deposit takers supervision at the Prudentian Regulation Authority, reassured delegates that the PRA intends a proportional approach to regulatory changes.

She said the PRA would consider how to best tackle risks that may arise from offering new services, adding: “We want a credit union regime that continues to be strong and simple, too.”

She encouraged credit unions to promote diversity and inclusion, embedding these into their organisational culture, which, she said, would counter the risk of group think on boards.

Addressing ABCUL members, Robert Kelly led a session focused on British credit unions in a post-covid world. Robert reiterated to members that the Association would continue to campaign for legislative reform whilst representing the broad church of members credit unions that are part of the ABCUL family.

“We are pushing as hard as we possibly can to get the best legislative reform deal for the entire sector,” he said. ABCUL will continue to engage with the PRA and Financial Conduct Authority (FCA) as dual regulators to ensure a proportional regime is maintained as part of the amendment process of the Credit Unions Act.

ABCUL would like to thank CMutual for its continued support and sponsorship at the ABCUL Annual Conference 2021.