Thamesbank Credit Union Limited is a not-for-profit member-owned financial
co-operative
A cooperative (also known as co-operative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democratically-control ...
, based in
Hayes and operating in the south west London Boroughs of Hounslow, Richmond upon Thames, Wandsworth, Kingston upon Thames and the Spelthorne district in Surrey.
The
credit union
A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit organization, nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including depo ...
was formed in 2005, as the London Borough of Hounslow Employees Credit Union, before extending the
common bond to the local community and adopting the current name in 2007.
A member of the
Association of British Credit Unions
The Association of British Credit Unions Limited, commonly known as ABCUL, is the leading trade association for credit unions in Great Britain.
ABCUL represents around 70% of credit unions who in turn provide services to 85% of the British credit ...
Limited, registered under the Industrial and Provident Societies Acts, Thamesbank Credit Union is authorised by the
Prudential Regulation Authority and regulated by the
Financial Conduct Authority
The Financial Conduct Authority (FCA) is a financial regulation, financial regulatory body in the United Kingdom, but operates independently of the UK Government, and is financed by charging fees to members of the financial services industry. The ...
and PRA. Ultimately, like the banks and building societies, members' savings are protected against
business failure __NOTOC__
Business failure refers to a company ceasing operations following its inability to make a profit or to bring in enough revenue to cover its expenses. A profitable business can fail if it does not generate adequate cash flow to mee ...
by the
Financial Services Compensation Scheme
The Financial Services Compensation Scheme (FSCS) is the UK's statutory deposit insurance and investors compensation scheme for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or li ...
.
Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015)
See also
*Credit unions in the United Kingdom
Credit unions in the United Kingdom were first established in the 1960s. Credit unions are member-owned financial cooperatives operated for the purpose of promoting thrift, providing credit and other financial services to their members.
Credit un ...
*British co-operative movement
The United Kingdom is home to a widespread and diverse co-operative movement, with over 7000 registered co-operatives owned by 17 million individual members and which contribute £34bn a year to the British economy. Modern co-operation started wit ...
References
External links
Thamesbank Credit UnionAssociation of British Credit Unions
Credit unions of the United Kingdom
Banks established in 2005
Financial services companies based in London
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