How Consumer Duty Is Changing Credit Unions

Written By Dolly Chakraborty

Season 6, Ep. 2

14/01/2025

Welcome to Beyond The Capital from SuperTech. 

This is a four-part mini-series about the Financial Regulation Innovation Lab. SuperTech has partnered with Fintech Scotland for the Lab, which is an industry led collaborative research and innovation programme, helping to shape the future financial regulation in the UK. 

The programme - and this mini-series - focuses on how new technologies can deliver better outcomes for customers following the introduction of Consumer Duty regulation.

In this episode, the focus is on the challenges facing credit unions following the introduction of Consumer Duty.

Hilary Smyth-Allen speaks to Helen Toft, a Non-Executive Director at Advance Credit Union in Birmingham, and Elizabeth Campbell, the General Manager at Castlemilk Credit Union in Glasgow.

They discuss:

  • How Consumer Duty is aligned with the values of credit unions 

  • The financial constraints that limit credit unions' ability to innovate

  • How collaboration with fintechs is essential for growth

  • How the innovation lab provides a platform for creative solutions

To find out more about the Financial Regulation Innovation Lab click here.

Dolly Chakraborty
Previous

Bridging The Advice Gap And The Impact Of Consumer Duty
Next

The Challenges And Opportunities Of Consumer Duty