NHS (Scotland and North England) 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
Glasgow
Glasgow ( ; sco, Glesca or ; gd, Glaschu ) is the most populous city in Scotland and the fourth-most populous city in the United Kingdom, as well as being the 27th largest city by population in Europe. In 2020, it had an estimated popul ...
and operating throughout Scotland and the north of England. It has 9,100 members and manages over £12m in savings.
History
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 as Glasgow NHS Employees Credit Union in 1998, on the initiative of the
UNISON
In music, unison is two or more musical parts that sound either the same pitch or pitches separated by intervals of one or more octaves, usually at the same time. ''Rhythmic unison'' is another term for homorhythm.
Definition
Unison or per ...
Southern General Hospital
The Southern General Hospital (SGH) was a large teaching hospital with an acute operational bed complement of approximately 900 beds. The hospital was located in Linthouse in the south west of Glasgow, Scotland. All facilities and services have b ...
Branch Secretary, with the support of the then
Greater Glasgow Health Board. It became West of Scotland NHS Employees Credit Union in 2003, before adopting the present name in 2009. NHS Credit Union is a registered trading name of NHS (Scotland and North England) Credit Union.
In 2015, the credit union was awarded a grant of £100,000 by the
Lloyds Banking Group
Lloyds Banking Group is a British financial institution formed through the acquisition of HBOS by Lloyds TSB in 2009. It is one of the UK's largest financial services organisations, with 30 million customers and 65,000 employees. Lloyds Bank w ...
Credit Union Development Fund to increase its capital asset ratio to support growth in both membership and assets.
Activities
Membership of NHS Credit Union is currently restricted by
common bond to NHS employees in Scotland and the North of England (North East, North West and Yorkshire & Humberside regions) and their families living at the same address.
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 ...
, registered under the Industrial and Provident Societies Acts, NHS 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)
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 ...
*National Health Service
The National Health Service (NHS) is the umbrella term for the publicly funded healthcare systems of the United Kingdom (UK). Since 1948, they have been funded out of general taxation. There are three systems which are referred to using the " ...
*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
NHS Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom
Credit unions of the United Kingdom
Companies based in Glasgow
Banks established in 1998
National Health Service