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.

THE COMMON BOND & MEMBERSHIP

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:

  • Operating under the Credit Union Act 1979
  • A Member of the Association of British Credit Unions Ltd
  • A Member of the Financial Services Compensation Scheme
  • A Member of the Financial Ombudsman Service
  • A Member of the Building Societies Association

Membership is open to anyone who lives or works or volunteers in the London Boroughs of Southwark, Lambeth, Westminster or Camden, serving members of British Armed Forces and all worshippers of the New Testament Church of God.

Balance Sheet highlights:

2014 2015 2016
Membership 20,918 23,679 25,206
Junior Savers 1,707 2,058 2,297
Savings £12,161,268 £20,297,681 £21,610,550
Loans £11,992,409 £10,882,462 £10,638,118
Assets £18,940,543 £23,774,481 £24,959,562

CAPITAL AND LIQUIDITY RATIOS – 30TH SEPTEMBER 2016

Actual Regulatory Requirement
Liquidity Ratio 45.3% 10%
Capital Ratio 11.39% 8%