Hornsey Co-operative Credit Union: Difference between revisions
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==History== |
==History== |
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{{see also|History of credit unions}} |
{{see also|History of credit unions}} |
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Hornsey Co-operative Credit Union was set up by 10 members of a [[Middlesex]] Baptist church who were frustrated at their inability to get credit from banks and had used credit unions in their native Jamaica. Originally an informal savings club, it was registered in 1964, 15 years before credit unions gained legal structure in Britain under the Credit Unions Act 1979.<ref>Jones, Rupert [http://www.theguardian.com/money/2014/apr/05/credit-unions-anniversary-borrow-save Credit unions: financial lifeline for UK communities comes of age] The Guardian, 5 April 2014</ref> |
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Separately, Wimbledon Credit Union had been incorporated under the Companies |
Separately, Wimbledon Credit Union had been incorporated under the [[Companies Act 1948]] six day earlier, however, Hornsey Co-operative was the first credit union to register under the Industrial and Provident Societies Act 1965.<ref>Voinea, Anca [http://www.thenews.coop/66718/news/community/abcul-marks-50th-anniversary-first-credit-union-britain/ ABCUL marks the 50th anniversary of the first credit union in Britain] Co-operative News, 26 March 2014</ref> In 1967, along with other West Indian credit unions, it formed the Credit Union League of Great Britain; this became the [[Association of British Credit Unions]] Limited in 1984.<ref>[http://www.abcul.org/filegrab/documents/ed9ed18ea29029b11a3d990b43381088/1cu-news-march-2014-final-.pdf 50 years of credit unions in Britain] Credit Union News, Vol. 16 No. 1, Association of British Credit Unions, March 2014</ref> Wimbledon Credit Union was wound up in 2005.<ref>[https://www.thegazette.co.uk/notice/L-57624-1010 Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979] London Gazette, No. 57624, 26 April 2005</ref> |
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Hornsey (FIA) Co-operative Credit Union<ref>[https://www.thegazette.co.uk/London/issue/48550/page/3507/data.pdf Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979] London Gazette, No. 48550 (p. 3507), 11 March 1981</ref> was authorised by the [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] and regulated by the [[Financial Conduct Authority]] and PRA. Ultimately, like the banks and building societies, members’ savings were protected against business failure by the [[Financial Services Compensation Scheme]].<ref>[http://www.fscs.org.uk/uploaded_files/15_credit_unions_50th_anniversary_release_final_web_22_02_14.pdf Your savings are protected – FSCS congratulates members celebrating 50 years of UK credit union movement] Financial Services Compensation Scheme, Media Information, 22 February 2014</ref> |
Hornsey (FIA) Co-operative Credit Union<ref>[https://www.thegazette.co.uk/London/issue/48550/page/3507/data.pdf Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979] London Gazette, No. 48550 (p. 3507), 11 March 1981</ref> was authorised by the [[Prudential Regulation Authority (United Kingdom)|Prudential Regulation Authority]] and regulated by the [[Financial Conduct Authority]] and PRA. Ultimately, like the banks and building societies, members’ savings were protected against business failure by the [[Financial Services Compensation Scheme]].<ref>[http://www.fscs.org.uk/uploaded_files/15_credit_unions_50th_anniversary_release_final_web_22_02_14.pdf Your savings are protected – FSCS congratulates members celebrating 50 years of UK credit union movement] Financial Services Compensation Scheme, Media Information, 22 February 2014</ref> |
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Revision as of 21:43, 21 February 2015
| Gegründet | 1964 |
|---|---|
| Dissolved | 2013 (transfer of engagements) |
| Typ | Industrial and Provident Society |
| Standort |
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Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, in 2013, it merged with London Capital Credit Union.
History
Hornsey Co-operative Credit Union was set up by 10 members of a Middlesex Baptist church who were frustrated at their inability to get credit from banks and had used credit unions in their native Jamaica. Originally an informal savings club, it was registered in 1964, 15 years before credit unions gained legal structure in Britain under the Credit Unions Act 1979.[1]
Separately, Wimbledon Credit Union had been incorporated under the Companies Act 1948 six day earlier, however, Hornsey Co-operative was the first credit union to register under the Industrial and Provident Societies Act 1965.[2] In 1967, along with other West Indian credit unions, it formed the Credit Union League of Great Britain; this became the Association of British Credit Unions Limited in 1984.[3] Wimbledon Credit Union was wound up in 2005.[4]
Hornsey (FIA) Co-operative Credit Union[5] was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme.[6]
In 2012, the directors approached London Capital Credit Union with a view to merger.[7] After 49 years independent trading, the credit union transferred engagements to its larger neighbour in 2013.[8]
See also
References
- ^ Jones, Rupert Credit unions: financial lifeline for UK communities comes of age The Guardian, 5 April 2014
- ^ Voinea, Anca ABCUL marks the 50th anniversary of the first credit union in Britain Co-operative News, 26 March 2014
- ^ 50 years of credit unions in Britain Credit Union News, Vol. 16 No. 1, Association of British Credit Unions, March 2014
- ^ Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979 London Gazette, No. 57624, 26 April 2005
- ^ Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979 London Gazette, No. 48550 (p. 3507), 11 March 1981
- ^ Your savings are protected – FSCS congratulates members celebrating 50 years of UK credit union movement Financial Services Compensation Scheme, Media Information, 22 February 2014
- ^ Welcome to New Members in Hornsey London Capital Credit Union, Newsletter Issue 7, Winter/ Spring 2012/13
- ^ Expanding Your Credit Union London Capital Credit Union, Newsletter Issue 8, Summer/ Autumn 2012/13