Regulators explore credit union reforms to support growth, innovation and better outcomes for members

Credit unions could benefit from several ideas put forward today by the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) aimed at helping the sector grow, innovate and meet the changing needs of their members. Credit unions, which are member-owned and typically focus on savings and personal loans in a specific occupation, community or area, have over two million members in the UK. Building on the joint PRA and FCA 2025 Mutuals Landscape report, this discussion paper examines whether the regulatory framework remains proportionate as the sector evolves, and explores how credit unions can expand access to financial services and improve outcomes for the members they serve.