What makes us ethical?
Unlike a bank, we are a not-for-profit business. We offer financial services to everyone who lives, works or studies in the Perth and Kinross area. We encouarge all members to live within their means. We aim to lend money responsibly, especially to people who can find it difficult to access a loan from High Street Banks or Building Societies. That means we will only lend if we believe that an applicant has satisfactorily demonstrated the ability to repay. We also encourage you to save money regularly as you repay your loan so that you build up a "rainy day" pot of cash for those unexpected events.
How are we regulated?
Credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority in a similar manner to all other financial services providers. A credit union must by law keep an insurance policy against fraud or theft. An external auditor inspects the credit union's business and reports to the membership each year. Credit unions must also be a member of the Financial Ombudsman Service and the Financial Services Compensation Scheme.
What is the Financial Ombudsman Service?
The Financial Ombudsman Service has been set up by law to help settle individual disputes between consumers and financial organisations. The Financial Ombudsman Service will only look at complaints if the organisation has had the opportunity to investigate the complaint first and provide a response.
If you are not happy with a final response given to a complaint or if no final response has been provided within an 8-week period from the date of initial complaint, you can contact the Financial Ombudsman Service and ask them to investigate. The service is free and the financial organisation will have to do what the Ombudsman tells them.
Find out more here
What is the Financial Services Compensation Scheme?
All your savings are fully protected and guaranteed under the Financial Savings Compensation Scheme up to the maximum amount of £85,000. You can save up to £15,000 with Perth and Kinross Credit Union. Your savings with the Credit Union are therefore fully guaranteed and protected under the Scheme. For more information about the scheme go to: www.fscs.org.uk