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London Mutual Credit Union (LMCU)
Governance |
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 (formerly known as the Southwark
Credit Union) 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.
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| . Code of Governance |
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
or Lambeth and has 12,043 members as at September 2010.
Balance Sheet highlights:
| |
2010 |
2009 |
2008 |
| Membership |
12,043 |
9,424 |
7,885 |
| Junior Savers |
1,888 |
1,462 |
1,345 |
| Savings |
£6,447,543 |
£5,142,651 |
£4,820,938 |
| Loans |
£7,053,265 |
£5,929,245 |
£5,170,414 |
| Assets |
£9,184,433 |
£7,834,230 |
£7,476,654 |
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Capital and Liquidity Ratios 30th September
2010 |
|
Actual
|
FSA
Requirement |
Liquidity
Ratio |
38.3%
|
5
to 10% |
|
12.6%
|
5
to 8% |
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London Mutual CU-code of Governance - Total Score as
at February 2011 |
Principles of the Code |
Required Standards Achieved |
|
|
% |
Gold Standards Achieved |
|
|
% |
Compliance & Continuity |
8
|
From |
8 |
100 |
2
|
From |
3 |
67 |
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 |
11.5
|
From |
15 |
77 |
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