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:

2015 2016 2017
Membership 23,679 25,206 26,408
Junior Savers 2,058 2,297 2,976
Savings £20,297,681 £21,610,550 £21,476,745
Loans £10,882,462 £10,638,118 £10,031,670
Assets £23,774,481 £24,959,562 £24,324,765

CAPITAL AND LIQUIDITY RATIOS – 30TH SEPTEMBER 2017

Actual Regulatory Requirement
Liquidity Ratio 44.94% 10%
Capital Ratio 9.84% 8%

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