The Lincolnshire 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 Lincoln and operating throughout the county in the

English Midlands The Midlands (also referred to as Central England) are a part of England that broadly correspond to the Kingdom of Mercia of the Early Middle Ages, bordered by Wales, Northern England and Southern England. The Midlands were important in the Ind ...

. In 2011, 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 ...

had approximately 2,000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are previous trading names of Lincolnshire Credit Union. As of March 2020, A proposed merger between Lincolnshire Credit Union and Nottingham Credit Union was unveiled, with the proposed merge happening in June 2020.

History

The North Kesteven Credit Union was formed in 2001, adopting its current name in 2004, when the then

Financial Services Authority The Financial Services Authority (FSA) was a quasi-judicial body accountable for the financial regulation, regulation of the financial services industry in the United Kingdom between 2001 and 2013. It was founded as the Securities and Investmen ...

agreed to an expansion of the common bond allowing the credit union to operate within the administrative county of Lincolnshire.How did it all begin?
Lincolnshire Credit Union (retrieved 25 October 2015) Gainsborough and District Credit Union, which had been founded in 1999, transferred engagements in 2007. In 2009, the board met with the directors of Lincoln Credit Union, which had been serving members in the city of Lincoln since 2001, and agreed that the best interests of the whole Lincolnshire community would be better served by merging the operations of both organisations. In 2017, the credit union was awarded a seed grant of £18,804 by the Lloyds Banking Group Credit Union Development Fund.

Activities

The members of a credit union are required to share a common bond. In the case of Lincolnshire Credit Union, membership is restricted to people living or working in the county of

Lincolnshire Lincolnshire (abbreviated Lincs.) is a county in the East Midlands of England, with a long coastline on the North Sea to the east. It borders Norfolk to the south-east, Cambridgeshire to the south, Rutland to the south-west, Leicestershire ...

in the

East Midlands The East Midlands is one of nine official regions of England at the first level of ITL for statistical purposes. It comprises the eastern half of the area traditionally known as the Midlands. It consists of Leicestershire, Derbyshire, Li ...

. 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, The Lincolnshire 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 l ...

.Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015)

References

External links

Lincolnshire Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom Credit unions of the United Kingdom Banks established in 2001 Companies based in Lincoln, England

History

Activities

See also

References

External links