Churches' Mutual Credit Union Limited is a not-for-profit member-owned financial co-operative, based in

Gloucester Gloucester ( ) is a cathedral city and the county town of Gloucestershire in the South West of England. Gloucester lies on the River Severn, between the Cotswolds to the east and the Forest of Dean to the west, east of Monmouth and east ...

and operating throughout the

United Kingdom The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom (UK) or Britain, is a country in Europe, off the north-western coast of the European mainland, continental mainland. It comprises England, Scotlan ...

. It has in excess of 600 members and assets of £3 million.

History

Arising from a consultation among

Church of England The Church of England (C of E) is the established Christian church in England and the mother church of the international Anglican Communion. It traces its history to the Christian church recorded as existing in the Roman province of Britai ...

clergy on pensions and retirement housing, the

credit union A credit union, a type of financial institution similar to a commercial bank, is a member-owned nonprofit financial cooperative. Credit unions generally provide services to members similar to retail banks, including deposit accounts, provisi ...

was formed in collaboration by the Church of England, the

Church of Scotland The Church of Scotland ( sco, The Kirk o Scotland; gd, Eaglais na h-Alba) is the national church in Scotland. The Church of Scotland was principally shaped by John Knox, in the Reformation of 1560, when it split from the Catholic Church ...

, the

Methodist Church of Great Britain The Methodist Church of Great Britain is a Protestant Christian denomination in Britain, and the mother church to Methodists worldwide. It participates in the World Methodist Council, and the World Council of Churches among other ecumenical as ...

, the

Church in Wales The Church in Wales ( cy, Yr Eglwys yng Nghymru) is an Anglican church in Wales, composed of six dioceses. The Archbishop of Wales does not have a fixed archiepiscopal see, but serves concurrently as one of the six diocesan bishops. The p ...

and the

Scottish Episcopal Church The Scottish Episcopal Church ( gd, Eaglais Easbaigeach na h-Alba; sco, Scots Episcopal(ian) Kirk) is the ecclesiastical province of the Anglican Communion in Scotland. A continuation of the Church of Scotland as intended by King James VI, and ...

in 2014. In 2016, the General Assembly of the

United Reformed Church The United Reformed Church (URC) is a Protestant Christian church in the United Kingdom. As of 2022 it has approximately 40,000 members in 1,284 congregations with 334 stipendiary ministers. Origins and history The United Reformed Church resulte ...

agreed to join, and, in 2017, the common bond was extended to the Roman Catholic Church in England and Wales and in Scotland.

Activities

Membership of Churches' Mutual Credit Union is currently restricted by common bond to individuals holding a recognised position within the Anglican churches of Great Britain, the (presbyterian) Church of Scotland, the Methodist, United Reformed and

Catholic The Catholic Church, also known as the Roman Catholic Church, is the largest Christian church, with 1.3 billion baptized Catholics worldwide . It is among the world's oldest and largest international institutions, and has played a ...

churches in either a paid or voluntary capacity. Parishes, dioceses and charities may join corporately. The credit union also has a lobbying role and aims to eventually offer the service to all active members of the churches. 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, Churches' Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure 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)

References

External links

Churches' Mutual Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom Credit unions of the United Kingdom British companies established in 2014 Banks established in 2014 Companies based in Gloucester

History

Activities

See also

References

External links