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How to set up a credit union

02 August 2013

ST PETER'S, MINSHULL VERNON

Goodwill to neighbours: the Vicar of St Peter's, Minshull Vernon, Dr Philip Goggin, announced on Thursday that the church, on the outskirts of Crewe, is to put £20,000 into the accounts of two local credit unions

Goodwill to neighbours: the Vicar of St Peter's, Minshull Vernon, Dr Philip Goggin, announced on Thursday that the church, on the outskir...

A CREDIT UNION is a co-operative whose members pool some of their savings to provide each other with credit at a low interest rate.

To be part of a credit union, you have to share a common bond with other members. This could be living or working in the same area, working for the same employer, or belonging to the same association.

Members have a say in how their credit union is run, and the directors are elected from the members, by the members, to represent their interests. Profits are distributed to members in dividends.

Credit unions are regulated by the Prudential Regulation Authority, which authorises all applications to establish new unions.

Key requirements include:

• a registered office address;

•  a qualified auditor or two lay auditors;

•  a business plan, including financial projections;

•  an organisational-structure chart, setting out names of staff and their responsibilities;

•  a policies-and-procedures manual showing "robust governance"; and

• an insurance provider.

Sources: Citizens Advice, Financial Services Authority, Association of British Credit Unions Limited

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