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The Guardian - UK

Politics

Heather Stewart

Forcing UK banks to support credit unions would help keep loan sharks at bay

Unions Nikhil Rathi

Mousetrap with £20 note caught in it. — People who use loan sharks are often unaware of the cheaper option of a local credit union. Photograph: ppart/Getty Images/iStockphoto

Nikhil Rathi, chief executive of the Financial Conduct Authority, made a pilgrimage on Friday from its glass and steel HQ in east London to the Pioneers Museum in Rochdale – the spiritual home of the co-operative movement.

His unlikely day trip aimed to highlight the City watchdog’s role in opening the way to a doubling of the size of the mutuals sector – a Labour manifesto pledge.

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