Management and Legal information |
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Internal Safeguards • The Supervisory Committee checks that the credit union is running safely and taking care of members money • An auditor carries out an inspection and report on the annual accounts • Solent Credit Union is required by law to maintain an insurance policy to protect the credit union against fraud or theft |
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Solent Credit Union is a member of the Association of British Credit Unions Ltd (ABCUL). Further details regarding credit unions can be found on their website www.abcul.org |
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Page updated 30th December 2011 |
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Financial Services Authority (FSA) • Credit unions, banks and building societies are supervised by an organisation called the Financial Services Authority (FSA) • Credit Unions are required to send regular financial reports to the FSA • The FSA is able to place restrictions on a credit union's business, if it has reason to believe that members savings may be at risk NOTE: The FSA is being split up in 2013. Click Here for further details Financial Service Compensation Scheme (FSCS) The Financial Service Compensation Scheme provides a final safety net if any bank, building society or credit union should collapse. If the worst should happen, the FSCS is able to provide compensation to ensure that you do not lose your savings. All savers with credit unions have 100% protection from the FSCS for the first £85,000 of their savings. This is the same level of protection that customers of banks and building societies enjoy.
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Management Structure There are three elected committees. The Board, The Supervisory Committee and the Credit Committee. To be elected, all these committee members must be must also be Credit Union Members. The Credit Unions is managed by a volunteer Board of 11 Directors. They decide on the roles that each director will take on. We are required to have a President, Vice President, Treasurer and Secretary. Other directors take on further roles as is decided by the board itself. • The Credit Committee considers loan applications, the chair of which is a member of the general board of directors • The Supervisory Committee checks on procedures and day-to-day operation of the credit union.
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