Transcript The Credit Union - Blackpool Council

Credit Unions
“A credit union is a financial
co-operative owned and run
by its members, that offers an
accessible saving facility and
affordable loans to its
members.”
Credit Union Movement
Worldwide • 97 Countries, 54,000 Credit Unions
• 178 million members
• £603 billion in savings
UK • Leeds City Credit Union – 25000 Members
• Glasgow Credit Union – 23000 members
• Numerous employer based Credit Unions
including Police, Royal Mail, British Airways
Regulation
• Financial Services Authority Registered and
Authorised
• Office of Fair Trading licensed
• Financial Services Compensation Scheme covers
100% of all members’ savings (up to £50,000)
• Internally & externally audited
• Data Protection Registered
• Governance – Board & Supervisory and Credit
Committees
Why Blackpool?
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Low pay
High levels of deprivation
Doorstep Lenders & Loan Sharks
High Interest Lenders
Lack of local Credit Union Presence
Financial Inclusion Agenda
Sustainable Community Strategy 2008-2028
Our Approach
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Initial Partnership of local employers
Steady Growth
Expanding community engagement
Phase 1 - Launch to current partner staff – Jan 09
Phase 2 - Expand employer partnership – Jan 10
Phase 3 – Broaden to community – Jan 11
Progress
• Authorised by Financial Services Authority – Jan
2009
• 600 members
• Products - Member savings account
- Xmas savings account
- Low cost loans
• Initiatives - DWP Growth Fund
- North West Climate Foundation
- Wysemoney (Fylde Coast YMCA)
Priorities
• 1200 members
• Integration of Wysemoney initiative
• Increase Growth Fund contract
• New products
• Financial Inclusion Strategy
For More Information
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Blackpool, Fylde and Wyre Credit Union
Telephone:
01253 478827
Email:
[email protected]
Website:
www.bfwcu.co.uk