Lincolnshire Credit Union

Lincolnshire Credit Union
Founded 2001 (Gainsborough and District 1999)
Type Industrial and Provident Society
Location
  • City Hall, Beaumont Fee, Lincoln LN1 1DD
Website lincscreditunion.org.uk

The Lincolnshire Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lincoln and operating throughout the county in the English Midlands. In 2011, the credit union had approximately 2000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are trading names of Lincolnshire Credit Union.

History

The North Kesteven Credit Union was formed in 2001, adopting its current name in 2004, when the then Financial Services Authority agreed to an expansion of the common bond allowing the credit union to operate within the administrative county of Lincolnshire.[1] Gainsborough and District Credit Union, which had been founded in 1999, transferred engagements in 2007.

In 2009, the board met with the directors of Lincoln Credit Union, which had been serving members in the city of Lincoln since 2001, and agreed that the best interests of the whole Lincolnshire community would be better served by merging the operations of both organisations.[1]

Activities

The members of a credit union are required to share a common bond. In the case of Lincolnshire Credit Union, membership is restricted to people living or working in the county of Lincolnshire in the East Midlands.[2]

A member of the Association of British Credit Unions Limited,[3] registered under the Industrial and Provident Societies Acts, The Lincolnshire Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[4]

See also

References

  1. 1 2 How did it all begin? Lincolnshire Credit Union (retrieved 25 October 2015)
  2. ↑ Apply to join Lincolnshire Credit Union (retrieved 25 October 2015)
  3. ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  4. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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