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.
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.
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.
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.
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.
Please check first that you are eligible to apply:
You are aged 18 or over
You have a UK bank account in your own or joint names
You are a permanent UK resident
You have never been bankrupt or had a Court Decree
To complete your application you will need:
Your current employer's address details
Details of monthly income and outgoings
Bank or building society details (sort code and account number)
To enable us to make a decision on your loan application we will contact Credit Referencing & Fraud Prevention Agencies. This will register a search against your credit record and if your application is successful we will share the information we hold for you with these agencies. Further details are available in our Fair Processing Notice
It is important that you read the Fair Processing Notice document above. If there is anything that you do not understand, please contact us.
Please be aware that the longer you take to pay back a loan, the more you will pay back in interest. If you go for a shorter term your monthly repayment might go up, but you'll save in interest and pay back your loan faster.