Sir Hector Sants is calling upon the wealthy to lend to credit unions and help run co-operatives in an attempt to raise their profile and fill the vast gap left by the shrinking payday lending sector.
The former chief executive of the City watchdog was appointed by the Archbishop of Canterbury last year to lead the Church of England’s task force on credit unions, but said they need greater support to help borrowers seeking short-term loans.
In an interview with FT Money, Sir Hector said: “Join a credit union ”” it doesn’t have to be your sole bank ”” and deposit money, which can then be lent out. There are often good terms if you need a loan.”
Read it all from the FT.