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Hammersmith and Fulham Credit Union has been given the green light to operate by the Financial Services Authority. Two branches, backed by Hammersmith and Fulham LBC, will open in the borough later in the year, to offer reasonably-priced loans, financial services and ‘a safe, ethical place' to save. The financial services will be available to anyone living or working within the borough area. The FSA gave approval to launch the credit union after a ‘rigorous' application procedure. Leader of the council, Cllr Stephen Greenhalgh, described the announcement as ‘excellent'. He called for credit unions across the country to be strengthened, supported and expanded, highlighting how credit unions in the UK provided credit for only 1% of the population, yet there were more than 42,000 worldwide, with at least 160m members. ‘The credit union will mean anyone living or working in Hammersmith and Fulham can access straightforward, affordable financial services from an organisation which is managed locally, and operates on a not-for-profit basis.' He added that the borough was becoming one of the more ‘exciting' places in the country to live and work, but personal debt remained a problem, causing people in the borough ‘serious stress and worry'. ‘This is great news for our residents as we strive to become a borough of opportunity and a step towards getting the loan sharks off our estates,' he added. ‘The establishment of the credit union is just one more way in which we can help people make the most of their lives.' The credit union has attracted funding and support from a range of key partners in the borough, including the council, which provided £25,000, North Fulham New Deal for Communities, Notting Hill Housing and the Citizens Advice Bureau.

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FINANCE

Finance body approval for LBC-backed credit union

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