Unity Credit Union Limited, formerly Manchester Unity Credit Union, 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

Manchester Manchester () is a city in Greater Manchester, England. It had a population of 552,000 in 2021. It is bordered by the Cheshire Plain to the south, the Pennines to the north and east, and the neighbouring city of Salford to the west. The t ...

and operating throughout the United Kingdom. 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 first established for members of the

Independent Order of Oddfellows Independent or Independents may refer to: Arts, entertainment, and media Artist groups * Independents (artist group), a group of modernist painters based in the New Hope, Pennsylvania, area of the United States during the early 1930s * Independen ...

by Manchester Unity Friendly Society in 1991.

History

The credit union traces its roots to Manchester Unity (No 1) Credit Union, which was founded in the English Midlands in 1991, followed by Manchester Unity (No 2) Credit Union in North London in 1994 and Manchester Unity (No 3) Credit Union in Yorkshire in 1997.Credit Unions in the Oddfellows
Manchester Unity Credit Union (retrieved 24 October 2015) In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the

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 ...

. With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001. In 2022, the common bond was expanded to include members of the Ancient Order of

Foresters Friendly Society The Foresters Friendly Society is a British friendly society which was formed in 1834 as the Ancient Order of Foresters. As of 31 December 2016, the society had approximately 75,000 members. Its head office is located in Southampton, England. ...

and Manchester Unity Credit Union became Unity Credit Union.

Activities

Membership of Unity Credit Union is restricted by a common bond to members of the Oddfellows or the Foresters or a member of the same household who is a relative. New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution. 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, Unity 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 the 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

Manchester Unity Credit UnionAssociation of British Credit Unions
{{Odd Fellows Independent Order of Oddfellows Manchester Unity Credit unions of the United Kingdom Companies based in Manchester Banks established in 1991

History

Activities

See also

References

External links