Credit Unions

“A credit union is a financial co-operative owned and run by its members, that offers an accessible saving facility and affordable loans to its members.”

Credit Union Movement

Worldwide -• 97 Countries, 54,000 Credit Unions• 178 million members• £603 billion in savings

UK -• Leeds City Credit Union – 25000 Members• Glasgow Credit Union – 23000 members• Numerous employer based Credit Unions

including Police, Royal Mail, British Airways

Regulation

• Financial Services Authority Registered and Authorised• Office of Fair Trading licensed• Financial Services Compensation Scheme covers 100% of

all members’ savings (up to £50,000)• Internally & externally audited• Data Protection Registered• Governance – Board & Supervisory and Credit

Committees

Why Blackpool?

• Low pay• High levels of deprivation• Doorstep Lenders & Loan Sharks• High Interest Lenders• Lack of local Credit Union Presence• Financial Inclusion Agenda• Sustainable Community Strategy 2008-2028

Our Approach

• Initial Partnership of local employers• Steady Growth• Expanding community engagement• Phase 1 - Launch to current partner staff – Jan 09• Phase 2 - Expand employer partnership – Jan 10• Phase 3 – Broaden to community – Jan 11

Progress

• Authorised by Financial Services Authority – Jan 2009• 600 members• Products - Member savings account

- Xmas savings account- Low cost loans

• Initiatives - DWP Growth Fund- North West Climate Foundation- Wysemoney (Fylde Coast YMCA)

Priorities

• 1200 members

• Integration of Wysemoney initiative

• Increase Growth Fund contract

• New products

• Financial Inclusion Strategy

For More Information

• Blackpool, Fylde and Wyre Credit Union

• Telephone: 01253 478827

• Email: bfwcu@blackpool.gov.uk

• Website: www.bfwcu.co.uk