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Community Finance for London Scaling up the Credit Union and Social Finance Sector Paul A

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Community Finance for London Scaling up the Credit Union and Social Finance Sector Paul A Community finance for London Scaling up the credit union and social finance sector Paul A. Jones & Anna Ellison policis Supported by About the authors This report was written by Paul A. Jones, of the Research Unit for Financial Inclusion at Liverpool John Moores University and Anna Ellison, Research Director, Policis. The Research Unit for Financial Inclusion undertakes independent research into issues central to the development of credit unions, co- operatives and social enterprise, and to the future of low and moderate-income consumer finance. Policis is an independent social and economic research consultancy which focuses on evidence-based policy and service development. Policis financial service practice has particular expertise in credit and and the provision of financial services to those on low incomes and a particular research interest in the associated financial inclusion, consumer protection and regulatory issues. July 2011 Contents Foreword ....................................................................................................................... 4 Acknowledgements ....................................................................................................... 6 Executive Summary ....................................................................................................... 7 Introduction ................................................................................................................ 12 Section 1 The demand for and supply of affordable credit across London ................................... 15 1.1 Concentrations of poverty in the capital ....................................................................................... 15 1.2 Profile of low-income Londoners .................................................................................................... 16 1.3 The need for affordable credit ......................................................................................................... 18 1.4 Mainstream credit use by low-income Londoners ..................................................................... 18 1.5 Patterns of high-cost credit use across London ........................................................................... 20 1.6 Social lending and informal borrowing ......................................................................................... 22 1.7 Unmet need for credit ....................................................................................................................... 24 1.8 Illegal money lending ....................................................................................................................... 24 1.9 Estimated need for affordable credit in London ......................................................................... 25 1.10 Community finance supply and the fit with need ..................................................................... 26 1.11 The Growth Fund experience ........................................................................................................... 26 1.12 Overall ................................................................................................................................................... 28 Section 2 Credit Unions in London ............................................................................................... 29 2.1 Origins, development and modernisation .................................................................................... 29 2.2 The provision of affordable credit in context ............................................................................... 39 2.3 Economic and organisational challenges ..................................................................................... 44 2.4 Leadership, governance and management .................................................................................. 54 2.5 Voluntarism and a commitment to local communities ............................................................. 58 2.6 Expanding service delivery ............................................................................................................... 62 2.7 The strength of working in partnership ........................................................................................ 67 2.8 Rationalisation, expansion and the challenge of collaboration .............................................. 76 Section 3 Community finance institutions in London .................................................................. 85 3.1 A focus on micro-enterprise and business lending .................................................................... 85 3.2 Access to consumer credit ................................................................................................................ 85 3.3 Organisational and financial challenges ....................................................................................... 87 Section 4 The future of the credit unions and social finance sector in London ............................. 91 4.1 Opportunities for growth and expansion ..................................................................................... 91 4.2 The challenge of radical change within the credit union sector ............................................. 93 Recommendations ....................................................................................................... 95 Bibliography .............................................................................................................. 100 Appendices ................................................................................................................ 102 Foreword This important research is being published at a very fitting time, both for credit unions in London and in the rest of Britain. Enormous inroads have been made in extending credit union services to the people of London and the rest of the country. All but six London boroughs have complete access to credit union services as do people in over 90% of Great Britain. The Growth Fund has helped many credit unions change beyond recognition and make a real difference in their communities. But gaps still remain, and many people who can theoretically access credit union services are not within easy reach of a branch or lack a convenient way of making payments or withdrawing cash. In some areas credit unions operate on a limited scale, with a narrow range of services. Legislative changes have been on the cards for some years, but should come to fruition by the end of the 2011. These vital changes will allow vastly increased numbers to invest in their local communities and benefit from credit union services, including community groups, businesses and social enterprises. Credit unions won’t be so tied to offering services to just one group of people. So by working in partnership with, for instance, housing providers or employers, many more people will be able to benefit from easy access to credit union services, through savings schemes such as pay with rent or payroll deduction. Credit unions will be able to attract more deposits by offering a guaranteed rate of interest on savings instead of a dividend and so increase the amount of money they can lend. Communities working together will have more potential than ever before to ensure that fair and affordable financial services are available to all. But getting the legislative and regulatory environment right is just one part of what is necessary for a credit union sector to thrive. As we know from credit union movements around the world, it is by credit unions working together behind the scenes that members benefit through improved value, access and services. That is why the sector is eagerly awaiting the results of feasibility studies which will report to the Department for Work of Pensions later this year, and could see major investment in back office services for credit unions, as well as more investment in the capacity of individual credit unions. The improved processes that can be put in place when many organisations share resources and technology mean more innovation in service provision and delivery, including quicker and better loan decisions, as well as improved access channels. So for consumers this could mean joining and using their local credit union at any Post Office branch which is convenient for them. Loans could be pre-approved and applied for at a Post Office branch or at a call centre with opening times convenient for shift workers and those with busy lives. COMMUNITY FINANCE FOR LONDON SCALING UP THE CREDIT UNION AND SOCIAL FINANCE SECTOR Improved loan application processes and debt collection resources will speed up the time it takes for a borrower to get his or her money and give credit unions more confidence and ability to make more loans to people on lower incomes in need of credit. We know from around the world that collaboration is the key to sustainable and effective credit union systems. With the legislation and the infrastructure we need we can look forward to further leaps in the scale and reach of credit unions, and ensure everyone in London and the rest of Britain has access to affordable, accessible and attractive financial services. Mark Lyonette Chief Executive Officer Association of British Credit Unions Ltd. COMMUNITY FINANCE FOR LONDON SCALING UP THE CREDIT UNION AND SOCIAL FINANCE SECTOR Acknowledgements This research study was commissioned by Santander and undertaken by Liverpool John Moores University and Policis, in collaboration with the credit union and social
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