Credit unions must be authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority; and must submitting quarterly returns and audited annual returns.
Members’ savings are protected by the Financial Services Compensation Scheme. Currently the first £85,000 of members' savings are 100% protected by this scheme.
Credit Unions are governed by the Credit Union Act 1979.
They are independently audited
They are members of the Financial Services Compensation Scheme which gives the same protection as that offered to bank and building society customers.
Your business is private because all credit union members and officers who have access to personal information must act in a confidential manner and are governed by the Data Protection Act.
Are members' details kept confidential?
Your business is private because all credit union staff and officers who have access to personal information have made a declaration to act in a confidential manner and are governed by the Data Protection Act 1998.
Are they insured ? - YES!
A credit union is insured against fraud and theft.
They currently provide a free Members’ Death Benefit after one year of membership, payable to a nominated beneficiary upon the member’s death.