North London Credit Union Limited was 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

Enfield Town Enfield is a large town in north London, England, north of Charing Cross. It had a population of 156,858 in 2018. It includes the areas of Botany Bay, Brimsdown, Bulls Cross, Bullsmoor, Bush Hill Park, Clay Hill, Crews Hill, Enfield Highway ...

and operating in the north London boroughs of

Enfield Enfield may refer to: Places Australia * Enfield, New South Wales * Enfield, South Australia ** Electoral district of Enfield, a state electoral district in South Australia, corresponding to the suburb ** Enfield High School (South Australia) ...

Barnet Barnet may refer to: People *Barnet (surname) * Barnet (given name) Places United Kingdom *Chipping Barnet or High Barnet, commonly known as Barnet, one of three focal towns of the borough below. *East Barnet, a district of the borough below; an ...

Haringey The London Borough of Haringey (pronounced , same as Harringay) is a London borough in North London, classified by some definitions as part of Inner London, and by others as part of Outer London. It was created in 1965 by the amalgamation of ...

Waltham Forest The London Borough of Waltham Forest () is a London borough in north-east London, England. Its population is estimated to be 276,983 in 2019. It borders five other London boroughs: Enfield to the north-west, Haringey to the west, Hackney to t ...

and southern

Hertfordshire Hertfordshire ( or ; often abbreviated Herts) is one of the home counties in southern England. It borders Bedfordshire and Cambridgeshire to the north, Essex to the east, Greater London to the south, and Buckinghamshire to the west. For govern ...

. 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 around 1,500 members and managed assets in excess of £3 million. In 2023, it merged with

London Capital Credit Union London Capital Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Archway and operating in the City of London and north London boroughs of Barnet, Camden, Hackney, Haringey and Islington. Founded in 1997, b ...

, bringing with it two members of staff.

History

Notable for being one of the first credit unions to lend money to businesses, North London Enterprise Club Credit Union was formed for members of the North London Enterprise Club in 1994. It became North London Chamber and Enterprise Credit Union in association with North London

Chamber of Commerce A chamber of commerce, or board of trade, is a form of business network. For example, a local organization of businesses whose goal is to further the interests of businesses. Business owners in towns and cities form these local societies to ad ...

in 1997 and North London Enterprise Credit Union in 2006, before adopting its final name in 2009. In 2016, the credit union was awarded a grant of £50,000 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 support its capital asset ratio, loan growth and future sustainability.

Activities

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, North London Credit Union was 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 were 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) In 2022, the directors approached the larger, stronger London Capital Credit Union with a view to merger. The transfer of engagements was completed in 2023, ending 29 years of independent trading.

References

External links

London Capital Credit UnionAssociation of British Credit Unions
Credit unions of the United Kingdom Financial services companies based in London Banks established in 1994 1994 establishments in England {{UK-finance-company-stub

History

Activities

See also

References

External links