Glasgow Credit Union is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. We are also a member of the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS).

Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)

All UK credit unions are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. The FCA and the PRA  supervise us to ensure we are meeting our regulatory requirements. Our Firm Reference Number (FRN) is 213558 and you can see us on the Financial Services Register.

Governance

Glasgow Credit Union is governed by volunteer Board of Directors, who are elected by the membership at Annual General Meeting (AGM). In addition to the Board of Directors, we also have a volunteer Internal Audit Committee. All Directors and Committee Members are individually approved by the PRA & FCA and are known as an “Approved Persons”. The Senior Managers and CEO are also “Approved Persons” with role-specific functions.

Auditors

We use professionally qualified Internal Auditors who work in conjunction with our Internal Audit Committee to carry out an annual audit plan. We also have External Auditors that perform an annual inspection of the credit union’s business and report to the membership at the Annual General Meeting each year.

Compliance

Glasgow Credit Union has a dedicated Compliance Manager who is in regular contact with our regulators and the Board of Directors and is responsible for ensuring the credit union complies with regulatory and legislative requirements.

Insurance

Credit unions are required by law to maintain an insurance policy to protect the credit union and its members against fraud or theft. We currently hold this policy alongside numerous others to provide members with reassurance that their credit union and their savings are not at risk.

Financial Services Compensation Scheme

Glasgow Credit Union is covered by the Financial Services Compensation Scheme (FSCS). This scheme was set up to provide a safety net should a bank, building society or credit union become insolvent.

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 eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

Your eligible deposits with Glasgow Credit Union are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.  Glasgow Credit Union terms and conditions state that a member’s collective savings balance is not permitted to exceed £75,000.

For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please ask at your credit union, refer to the FSCS website or call the FSCS on 0800 678 1100 or 0207 741 4100  The FSCS has also put together this information leaflet that explains how your money is protected.

Please note only compensation related queries should be directed to the FSCS.

Financial Services Compensation Scheme