The code of governance requires that the credit union
reaches compliance in elements of:
1. COMPLIANCE AND CONTINUITY - The credit union strives
to ensure compliance and transparency with the requirements
of the law, the regulator and members of the credit union
and takes steps to safeguard the future of the credit union.
2. INTEGRITY & ACCOUNTABILITY - The credit union strives
to maintain the integrity of elected individuals, staff
and the credit union as a financial provider and an ethical
co-operative business and in doing so aims to maintain accountability
to all of its stakeholders.
3. SKILLS AND ABILITY - The Board and Senior Management
must ensure that all those involved in the operation of
the credit union will have the opportunity to develop the
skills and knowledge necessary to operate the credit union
successfully.
4. STRUCTURE AND THE PRINCIPLES OF GOOD GOVERNANCE -The
credit union must develop and maintain an accessible, clear
and co-operative structure.
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| .
The Common Bond & Membership |
London Mutual Credit Union (formerly known as the Southwark
Credit Union) is authorised and regulated by the Financial
Services Authority Firm Reference Number (FRN) 213248 and
is:
• An
Industrial and Provident Society
•
A Member of the Association of British Credit
Unions Ltd
•
Member of the Financial Services Compensation
Scheme
•
A Member of the Financial Ombudsman Service
London Mutual Credit Union has a common bond of "Residing
in or being employed in the London Boroughs of Southwark,
Lambeth or Westminster and has 15,104 members as at September
2012.
Balance Sheet highlights:
| |
2010 |
2011 |
2012 |
| Membership |
12,043 |
13,510 |
15,104 |
| Junior Savers |
1,888 |
1946 |
2066 |
| Savings |
£6,447,543 |
£7,059,134 |
£8,000,370 |
| Loans |
£7,053,265 |
£7,941,749 |
£8,903,994 |
| Assets |
£9,184,433 |
£9,708,692 |
£11,427,609 |
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| .
Capital and Liquidity Ratios 30th September
2012 |
|
Actual
|
FSA
Requirement |
Liquidity
Ratio |
54.5%
|
5
to 10% |
|
20.8%
|
5
to 8% |
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|
London Mutual CU-code of Governance - Total Score as
at February 2013 |
Principles of the Code |
Required Standards Achieved |
|
|
% |
Gold Standards Achieved |
|
|
% |
Compliance & Continuity |
8
|
From |
8 |
100 |
2.5
|
From |
3 |
83 |
Integrity & Accountability |
7.5
|
From |
8 |
93.8 |
4
|
From |
5 |
80 |
Skills & Ability |
6
|
From |
6 |
100 |
2
|
From |
3 |
67 |
Structure and Good Governance |
6.5 |
From |
8 |
81.25 |
3.5 |
From |
4 |
87 |
TOTALS |
28
|
From |
30 |
93.33 |
12
|
From |
15 |
80 |
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|
