Tel: 0151 256 5582 Email: email@example.com
How are we regulated
UK Credit Unions, like banks and other financial institutions, are authorised and regulated by the Financial Services Authority (FSA). Key members of staff and elected volunteers involved in the running of the Credit Union must be approved by the FSA. The performance of each Credit Union is monitored on an on-going basis with regular reviews and regular reporting is required.
How Do We Make Sure Your Savings are Safe?
As we are a credit union we are owned and controlled by our members, and we donít put your money at risk on the stock markets or any other money markets. We have also over the years through retained profits form reserves as additional cushion to potential bad debts.
In some ways, a Credit Union is a safer investment than either a bank or building society in that our investment potential is limited to a very narrow range of investments which is our own members and high street bank accounts
Norris Green Credit Union is a totally independent organisation and is not influenced by, or affiliated to, any other Credit Union. Consequently, nothing that happens in any other Credit Union can affect the safety of your deposit with us.
Within Norris Green, a qualified external auditor carries out an annual inspection of the Credit Unionís business and reports to the membership at the Annual General Meeting each year. We also we have a Compliance Officer who is in regular contact with our Regulator (the Financial Services Authority) and the Board of Directors and is responsible for ensuring that all necessary policies and procedures are up to date and effective.
A Credit Union is required by law to maintain an insurance policy to protect the Credit Union and its members against fraud or theft. Norris Green Credit Union carries insurance cover in excess of £10 million against deliberate and wilful acts of dishonesty by any of its officers. This, in insurance circles, is generally considered to be cover vastly in excess of any potential liability but provides you with reassurance that your money is not at risk from fraud or theft.
The Credit Union is also a member of the Financial Services Compensation Scheme (FSCS). This scheme provides a safety net if a bank, building society or Credit Union should collapse.
How your saving are covered under the Financial Services Compensation Scheme (FSCS)
The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations.
In respect of deposits, an eligible depositor is entitled to claim up to £75,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £150,000). The £75,000 limit relates to the combined amount in all the eligible depositor''s accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.