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.
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