We are regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority (PRA) these are exactly the same organisation that regulates banks, building societies and other financial institutions. This means that all credit unions have to meet the FCA/PRA’s strict standards. Credit Unions are also members of the Financial Services Compensation Scheme (FSCS), so member’s savings are always protected, exactly the same way as they would be in a bank or building society.
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. 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 £170,000). The £85,000 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