The committee hearing, held on 4 February 2026, brought together representatives from across the credit union sector to discuss the contribution credit unions make to financial inclusion in London, and what more can be done to support their growth. London Mutual was represented by our Head of Business Development, Ben West.
He used the session to make the case for a broader understanding of who credit unions serve. While credit unions have long been associated with supporting Londoners on the lowest incomes, in a city with housing and living costs as high as London’s, the reality is that many people on moderate and higher incomes are also under real financial pressure.
A significant proportion of our borrowers earn over £50,000. Those loans are disproportionately for debt consolidation — members who are managing credit card balances and overdrafts, and where, as Ben put it, “one financial shock can push them over the edge.”
Employer partnerships and financial wellbeing
The session was also a great opportunity to highlight the importance of credit union partnerships with London’s major employers. We work with organisations including Transport for London and the Greater London Authority, where staff can save and borrow through salary deduction.
We know that financial stress can be a cause of all kinds of problems for employee wellbeing. As Ben told the committee, credit unions have “a really important part of the offer” for employers looking to support staff who may be under financial pressure — providing guidance, support and affordable financial products through the workplace.
Serving everyone in the community
We also used the session to highlight the growing gap left by high street bank closures and the retreat of mainstream financial services from the communities that need them most. As Ben put it, credit unions are “increasingly doing the heavy lifting in the community,” stepping in to serve people that mainstream banks aren’t set up to support properly, and “providing the bridge between people’s immediate financial needs and the longer-term support they need.”
At London Mutual, we believe that it’s important that credit unions serve a broad section of the community. That’s good for our members, borrowers and savers. It’s also what makes the credit union model sustainable, enabling us and other credit unions across the city to continue serving everyone in their communities.
Find out more
London Mutual Credit Union is London’s largest community credit union, serving over 42,000 members. We offer savings, loans, current accounts and mortgages to anyone who lives or works in Southwark, Lambeth, Westminster or Camden, as well as NHS staff, education workers and members of the armed forces across the UK.
If you’re a London employer interested in offering credit union membership as a workplace benefit, find out more about partnering with us.
