North West London Credit Union Limited was a savings and loans

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 ...

, operating in the north west London boroughs of Barnet and Brent. Based in

Grahame Park Grahame Park, located on the site of the old Hendon Aerodrome in North West London, is a north London housing estate in the London Borough of Barnet, including 1,777 council homes built in the 1970s. History The estate is named in honour of ...

, it had over 1,000 members and branches in

Burnt Oak Burnt Oak is a suburb of London, England, located northwest of Charing Cross. It lies to the west of the M1 motorway between Edgware and Colindale, located predominantly in the London Borough of Barnet, with parts comprising the London Boroughs ...

Edgware Edgware () is a suburban town in northern Greater London, mostly in the London Borough of Barnet but with small parts falling in the London Borough of Harrow and in the London Borough of Brent. Edgware is centred north-northwest of Charing Cros ...

, and

Finchley Finchley () is a large district of north London, England, in the London Borough of Barnet. Finchley is on high ground, north of Charing Cross. Nearby districts include: Golders Green, Muswell Hill, Friern Barnet, Whetstone, Mill Hill and H ...

. In 2013, 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 ...

and the branches were closed.

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 founded in 1998, as the Watling and Grahame Park Credit Union, by residents of the suburbs of

and

Colindale Colindale is a district in the London Borough of Barnet; its main shopping street on the A5 forming the borough boundary with neighbouring Brent. Colindale is a suburban area, and in recent years has had many new apartments built. It's also th ...

. In 2010, it merged with Barnet Council Employees Credit Union (established 1996) and Finchley Credit Union (established 2000), changing its name the same year. 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 West 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 ...

. In 2012, the directors approached London Capital Credit Union, whose origins in Islington mirrored Barnet Council Employees Credit Union, with a view to merger. After 15 years independent trading, the credit union transferred engagements to its larger neighbour in 2013.Expanding Your Credit Union
London Capital Credit Union, Newsletter Issue 9, Winter/ Spring 2013/14

References

External links

London Capital Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom Credit unions of the United Kingdom Banks established in 1998 Banks disestablished in 2013

History

See also

References

External links