Your Credit Union (United Kingdom)

K&C Credit Union trading as
Your Credit Union
Type Industrial and Provident Society
Location
Website yourcu.co.uk

K&C Credit Union Limited, trading as Your Credit Union (YourCU), was a not-for-profit member-owned financial co-operative, based in Kensington and operating in the cities of London and Westminster and west London boroughs of Kensington and Chelsea and Hammersmith and Fulham. The credit union was formed in 2012. It collapsed in October 2018 and is no longer operating.[1]

Activities

Membership of Your Credit Union was restricted by common bond to people living, working, studying or volunteering in the Royal Borough of Kensington and Chelsea, the London Borough of Hammersmith and Fulham, the City of Westminster, Queen's Park and Kensal Green in the London Borough of Brent or St. Mary's Park and Queenstown in the London Borough of Wandsworth.[2] Membership was open to people outside these areas, wherever they live in the United Kingdom, providing they made a one off donation the credit union's partner charity, Tri-borough Opportunities, which aims to increase education and work opportunities for young people in the capital.[3]

A member of the Association of British Credit Unions Limited,[4] registered under the Industrial and Provident Societies Acts, K&C Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings were protected against business failure by the Financial Services Compensation Scheme.[5]

Collapse

In October 2018 it was announced that the credit union had 'collapsed' and would no longer be operating. [6] Both the credit union and financial regulators were quick to point out that no savings held by existing members were at risk and would be fully compensated through the UK government backed Financial Services Compensation Scheme. At the time of its collapse, Your Credit Union had approximately £1.1m deposited by just over 1'000 members. Reasons for the collapse were attributed to "bad debts".[7] Namely borrowers loaning money and not repaying these sums as agreed.

See also

References

  1. ↑ http://www.yourcu.co.uk/
  2. ↑ Apply for Your Credit Union Membership Your Credit Union (retrieved 3 November 2015)
  3. ↑ News: Your Credit Union Your Credit Union (retrieved 3 November 2015)
  4. ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
  5. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
  6. ↑ https://www.theguardian.com/money/2018/oct/09/credit-union-in-wealthy-london-borough-collapses
  7. ↑ https://www.theguardian.com/money/2018/oct/09/credit-union-in-wealthy-london-borough-collapses


This article is issued from Wikipedia. The text is licensed under Creative Commons - Attribution - Sharealike. Additional terms may apply for the media files.