The Treasury has recently announced plans that will give greater scope to Credit Unions (mutual savings and loan organisations).
Under the new rules which take effect from July, Credit Unions will be able to offer joint accounts and accounts that pay different rates of interest.
Credit Unions will also be able to borrow from anywhere instead of just from Banks, as is currently the case.
The industry regulator, the Financial Services Authority, takes over regulation for Credit Unions from July, just as these new measures come into force.