Regulations and Authorisation

Important information about compensation arrangements from the 1st January 2010 (updated 6th Jan 2010).

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

We are also part of the Financial Ombudsman Service and have to maintain written complaints handling policy and procedures. A copy of these procedures is detailed below, or can be obtained from the office.

Complaint Procedures

• If you have a complaint please refer your complaint to the original point of contact
• If the matter can not be resolved to your satisfaction by the staff, please contact the Operations Manager or the Chief Executive.
• It is our policy to resolve any complaints as quickly as possible
• You may wish to complete the appropriate complaints form for the attention of the Operations Manager or the Chief Executive.
• Your complaint will be acknowledged within 5 working days
• If the Operations Manager or the Chief Executive needs more time to collect information you will receive a letter within 7 working days of your acknowledgment detailing the steps being taken and the expected date of completion
• The Operations Manager or the Chief Executive will give a full response within 14 working days
• If the member is not satisfied with the response by the Operations Manager or the Chief Executive’s they should request their complaint be investigated by one of the Board of Directors
• The Board of Directors will consider the complaint at the earliest date of the next Board meeting and a full response will be given
• If the member is unsatisfied with the Board’s response they can request that the Supervisory Committee consider the complaint and the Committee will meet the Secretary of the Board and agree a final response within 5 working days
• If all the above have still not provided a satisfactory conclusion, the member can contact the Financial Ombudsman Service: South Quay Plaza, 183 Marsh Wall, London, E14 9SR Tel: 0845 00 1800 http://www.financial–ombudsman.org.uk