As a financial cooperative, LMCU is based on the principles of the International Cooperative Alliance that are also adopted by World Council of Credit Unions. Our members are our owners and we recognise that the strength of our credit union depends on the strength and quality of the relationship we have with our members. This is why the credit union has voluntarily adopted the Governance Code that was launched by ABCUL in November 2008. It shows the transparency of managing the affairs of the credit union and at the same time helps strengthen both internal structures and accountability to the members and stakeholders of Southwark Credit Union. London Mutual Credit Union's Board is responsible for good governance in the credit union and adheres to the principles of good governance outlined in the Governance Code for Credit Unions.
The code of governance requires that the credit union reaches compliance in elements of:
London Mutual Credit Union is London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248) & is:
London Mutual Credit Union has a common bond of "Residing in or being employed in the London Boroughs of Southwark, Lambeth, Camden or Westminster and has 20,918 members as at September 2014.
Balance Sheet highlights:
|Principles of the Code||Required Standards Achieved||%||Gold Standards Achieved||%|
|Compliance & Continuity||8 from 8||100||2.75 from 3||91.7|
|Integrity & Accountability||7.5 from 8||93.8||5 from 5||100|
|Skills & Ability||6 from 6||100||2 from 3||66.7|
|Structure and Good Governance||8 from 8||100||3.5 from 4||87.5|
|TOTALS||29.5 from 30||98.3||13.25 from 15||88.33|