What is a Credit Union?

Worldwide, there are over 1 billion members of cooperatives, and within that number around 200,000,000 are members of Credit Unions. These people own and control around 750,000 businesses which includes 57,000 Credit Unions.

Credit Unions and Cooperatives

A credit union is a financial cooperative, which is jointly owned and democratically controlled by its members.

Solent Credit Union…

Solent Credit Union is one of the more recent Credit Unions created from a merger of Co-operators CU, Sanctuary CU and Eastleigh CU and offers cooperative financial services to people and organisations who live, work or are based in the New Forest, Test Valley, Winchester, Southampton, Eastleigh or Fareham area. (See map below) Many members volunteer to work within the credit union, and thereby add value to all the members, and the local community.

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Solent Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority – Registration No. 213753

Who runs the credit union ?

Solent Credit Union is managed and controlled by its members, through a volunteer Board of Directors and the Supervisory Committees who are elected by the members at the Annual general Meeting – so please come to give your voice.

Solent has also created External Affairs, Internal Affairs and Treasury Teams, drawn from the general membership to help support the Credit Unions development and involve members more in strategy and tactics. The leaders of the teams are appointed by the SCU Board and means people can get involved at all levels of the Credit Union.