Southwark Credit Union

Background

Established in 1982 to provide Credit Union services to employees of the London Borough of Southwark It has merged with 3 of the local Credit Unions. Now it is the only Credit Union in Southwark, with three dedicated offices where members could access the services.

The credit union, like banks and building societies, is regulated and supervised by the Financial Services Authority (FSA). Savers' deposits are protected by the same Financial Services Compensation Scheme that covers banks and building societies.

Credit Union System

UK and Worldwide Statistics

Credit unions put people first

Credit unions have been very successful in helping people gain a greater measure of control over their personal finances. They are an effective means of teaching the value of voluntary action and community development. The members are the credit union. They provide services to themselves.

· The members own and control the credit union
· The credit union deals only with its members
· The members decide on the distribution of surpluses
· The credit union management is of a voluntary nature.

Southwark Credit Union is authorised and regulated by the Financial Services Authority(FSA).