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UK proposes wider family referrals for credit union membership

KROV newsroom

11 Nov 2026, 11:01 pm IST1 min read

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Britain’s Treasury announced a proposal on November 11 to let members of local credit unions refer relatives or members of their household even after moving away. It said the current referral route requires the member to remain in the credit union’s area. Credit unions base membership on a shared link, such as where people live or work.

Citing Bank of England data, the Treasury said more than 50,000 people in Great Britain could gain the ability to make a referral. The estimate measures the number of potential referrers. The Treasury announced the proposal at the second reading of the Financial Services and Markets Bill. It presented the change as a proposal.

Cover image is an AI-generated editorial illustration.

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Credit: HM Treasury, GOV.UK (Crown copyright) · Summarised/translated by KROV · Contains public sector information licensed under the Open Government Licence v3.0.

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