Harriet Harman

Labour Member of Parliament for Camberwell & Peckham

Harriet receives support from Southwark Credit Union

22/05/07

Harriet has received support for her bid for the Deputy leadership from Southwark Credit Union.

In August 2000 Camberwell Credit Union (now Southwark Credit Union) had a Section 19 order placed on it by the Financial Services Authority, which prevented members from withdrawing their savings because the credit union was insolvent.  There was a real prospect that members would only receive as little as 20p for every £1 they had saved such was the plight of the credit union. 

Harriet worked hard with the FSA, Southwark Council, Lucky and the team from Southwark Credit Union, Association of British Credit Unions, PriceWaterhouse Coopers, the British Bankers Association and others to ensure that all member’s savings were safeguarded and they received back their full investment. 

Southwark Credit Union is a well run organisation and the transfer of Camberwell Credit Union member’s savings was overseen by the FSA and the Rescue Group, which Harriet chaired.  The Government have now introduced legislation which will automatically safeguard members’ savings in credit unions and prevent this from ever happening again.

The Labour Party will place cookies on your computer to help us make this website better.

Please read this to review the updates about which cookies we use and what information we collect on our site.

To find out more about these cookies, see our privacy notice. Use of this site confirms your acceptance of these cookies.