View all newsletters
Have the short, sharp Spear's newsletter delivered to your inbox each week
  1. Wealth
June 8, 2012

Tel: Kensington & Chelsea starting a credit union

By Spear's

London’s wealthiest borough, Kensington & Chelsea is starting a credit union, in the hope that more affluent residents will invest to provide banking services to the vulnerable

London’s wealthiest borough, Kensington & Chelsea is starting a credit union, in the hope that more affluent residents will invest to provide banking services to the vulnerable.

The Royal Borough of Kensington & Chelsea, home to many of Britain’s celebrities and politicians, is hoping that wealthy residents will consider depositing up to £10,000 with Your Credit Union, which aims to provide opportunities for the marginalised to save and borrow.

“The new credit union for Kensington and Chelsea finally offers a local alternative to high street banks, providing financial services that focus on members of the community rather than just shareholders,” said Jonathon Read, chairman. He said that almost a quarter of all residents in the borough did not have access to mainstream financial services, and are therefore at the mercy of home credit companies, payday lenders and illegal loan sharks, paying borrowing rates as high as 2,000pc APR.

To read the full story, visit telegraph.co.uk

Content from our partners
Meet the females leading in the FTSE
A cut above: Charles Sanford on why HNW clients choose LGT Wealth Management
How the Thuso Group’s invaluable experience and expertise shaped the Spear’s Schools Index 2024

Select and enter your email address The short, sharp email newsletter from Spear’s
  • Business owner/co-owner
  • CEO
  • COO
  • CFO
  • CTO
  • Chairperson
  • Non-Exec Director
  • Other C-Suite
  • Managing Director
  • President/Partner
  • Senior Executive/SVP or Corporate VP or equivalent
  • Director or equivalent
  • Group or Senior Manager
  • Head of Department/Function
  • Manager
  • Non-manager
  • Retired
  • Other
Visit our privacy policy for more information about our services, how New Statesman Media Group may use, process and share your personal data, including information on your rights in respect of your personal data and how you can unsubscribe from future marketing communications.
Thank you

Thanks for subscribing.

Websites in our network