London Mutual Credit Union, which covers the City of Westminster as well as Camden, Lambeth and Southwark, has entered into an agreement to have payroll deduction facilities with Parliament.
This arrangement, which was reported by the Financial Times and launched at an event with Martin Lewis, the ‘money saving expert’, means that MPs and peers, their staff and support staff across Parliament can now benefit from the savings and loans facilities provided by LMCU more easily.
Lucky Chandrasekera, chief executive of London Mutual Credit Union, said, “We hope by launching this service for parliament that we can demonstrate the value of credit union membership on a daily basis to MPs and the wider parliamentary staff.”
Mark Lyonette, chief executive of ABCUL, the credit union trade association, said, “This high profile addition to employers that offer this service is very welcome. “The vast majority of large employers in the US, including the White House, Congress and Senate, offer this facility to their staff and I hope that many more will follow this example.”
Labour Leader Ed Miliband MP recently became a member himself of London Mutual Credit Union when he visited their Peckham headquarters in October. He used the visit to announce Labour’s pledge to levy payday loan companies and invest the receipts in credit unions. The Government has since announced it will cap the total cost of short-term credit.
London Mutual Credit Union is the largest community credit union in London, with more than 20,000 members. Anyone working or living in the boroughs of Southwark, Lambeth, Westminster and Camden can join. Along with savings accounts, London Mutual offers a form of payday loan, a current account and a Cash ISA at 3% AER.