![Dawn Veer](/globalassets/news/fscs-news-23-onwards/fffm-40-dawn-veer-v2.jpg)
Fortnightly financial #40 Dawn Vear
Conor Richards, Communications and Stakeholder Business Partner, speaks to UKCU CEO Dawn Vear about the role of credit unions, and how this has changed over time.
Please can you tell us about UKCU and your role in the organisation?
UKCreditUnions (UKCU) is one of the credit union trade associations. Our remit is to support, develop, train and represent our member credit unions across the UK and the Isle of Man. I have been the CEO since 2018 after being promoted from Operations Manager – a role I held since we first started back in 2004.
This year marks the 20th anniversary since UKCU’s launch. How has the credit union industry evolved during this time?
We proudly celebrated our 20th anniversary back in April. Our 20th anniversary conference saw member credit unions from around the UK attending a weekend of fabulous guest speakers and facilitators, and of course a celebratory gala dinner.
Since our inception back in 2004, we’ve seen the credit union sector change immensely. Various changes to legislation and regulation over the years have afforded some great opportunities to grow and develop and the most recent legislative changes have allowed credit unions to offer different types of lending such as hire purchase (HP) and personal contract purchase (PCP) loans, as well as insurances.
Although the overall number of credit unions has decreased over the years, these have been mainly through mergers and have made for larger, more financially sound credit unions. We’ve also seen changes to the common bond restrictions which previously meant that the majority of community-based credit unions had to operate within a relatively small area, to now being allowed to develop and expand across whole counties and wider geographical areas. We also have a rise in the large forward thinking, rapid growing credit unions too, with some offering the full package of financial services including debit cards, insurance and mortgages.
Why are credit unions still so important in 2024?
Credit unions are important because they promote the well-being of their members, and their services are all member-centric above all else. The community finance sector is rapidly growing, and credit unions play a vital role in that.
As not-for-profit co-operatives, you are more than a member. You are also a part owner of a democratically-controlled organisation, which is run by the members on behalf of the members, so members know that their vote counts.
Profits are returned to the members via dividends, interest or loan interest rebates. There are no outside shareholders to be paid.
International Credit Union Day is coming up in October. What is the day all about and what do UKCU have planned for it?
Yes, the third Thursday in October each year is celebrated as International Credit Union Day and last year was the 75th Anniversary.
It’s a day to celebrate the global movement, our history, our achievements as a sector, our members and our people. It’s also a chance to showcase and promote our movement across the world too.
UKCU as always, will be promoting the day and supporting our member credit unions in their celebrations, which generally include open days, fun days, parties, and promotional events.
Finally, on a more personal note, a question we ask most of our guests: if £10,000 landed in your lap tomorrow, what would you do with it?
I would definitely tick off a few more destinations on my travel bucket list! I’d like to explore Africa at some point and include a visit or two to the Development Educators projects, and I’d love to walk the Inca Trail to Machu Picchu.
Thanks very much Dawn, great to hear your perspective.
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The content of any discussions shouldn't be taken as an indication of future FSCS policy positions. The views expressed by guests are their own and don't reflect the views of FSCS.
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