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Co-operative Electrical Community Scheme

Co-operative Electrical Community Scheme. Presented by David Sanderson – B2B Manager. Why offer this service?. Sub prime lenders increase their market share daily Weekly payment stores & pay day lenders represent a large percentage of high street bricks & mortar growth

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Co-operative Electrical Community Scheme

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  1. Co-operative Electrical Community Scheme Presented by David Sanderson – B2B Manager

  2. Why offer this service? • Sub prime lenders increase their market share daily • Weekly payment stores & pay day lenders represent a large percentage of high street bricks & mortar growth • More & more families are falling into the sub prime category due to cost of living and personal circumstances • Supporting Credit Unions and Housing providers • To provide access to affordable electrical products to communities regardless of financial status

  3. Progress to date • Working with ABCUL, UKCU, ACE & SLCU members • Over 160 Credit Unions nationally with access to the service • Over 1,400 Credit Union members benefited from savings on their purchase is 2011 • Actively working with Credit Unions & Housing providers to build awareness • Worked closely with ABCUL & the OFT to obtain clarity, guidance and legal documentation around the CCA issue

  4. Current misconception • Quote: “The Co-operative Electrical Scheme is to be cancelled due to CCA issues” • This is wrong on two levels • Firstly, this is not an issue which is exclusive to The Co-operative Electrical. It is a requirement for all relationships where a supplier or service provider is promoted • The scheme is not cancelled and our commitment is stronger than ever

  5. Challenges to sustainability • CCA compliance – Credit Unions need to hold a CAT A license to ensure loans for products or services are correctly issued and enforceable • Credit Union participation - More Credit Unions need to promote the scheme to ensure long term success across the UK • Fear factor – Obtaining a CAT A license and ensuring compliancy is not an onerous task. Shared best practise knowledge will help remove trepidation for Credit Unions in acquiring this licence

  6. Driving sustainability • The Co-operative electrical are committed to supporting this sector as part of our wider community activities • Social & community motivation from us is not enough – Credit Unions need to utilise the scheme more on a wider scale for it to be commercially viable long term • Now that confusion around the CAT A licence has been removed Credit Union participation is expected to increase • Marketing support / advice is available • Best practice will be shared across the Credit Union community

  7. Thank you!

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