Hornsey Co-operative Credit Union
| Founded | 1964 |
|---|---|
| Dissolved | 2013 |
| Type | Industrial and Provident Society |
| Location |
|
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.
A member of the Association of British Credit Unions Limited, registered under the Industrial and Provident Societies Acts, it 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.
Set up by 10 members of a local Baptist church who were frustrated at their inability to get credit from banks and had used credit unions in their native Jamaica, Hornsey Co-operative Credit Union was first registered in 1964, 15 years before credit unions gained legal structure in Britain under the Credit Unions Act 1979.[1] In 1967, with other West Indian credit unions, it formed the Credit Union League of Great Britain; this became the Association of British Credit Unions in 1984.[2]
In 2012, the directors of Hornsey (FIA) Co-operative Credit Union[3] approached London Capital Credit Union with a view to merger.[4] After 48 years independent trading, the credit union transferred engagements to its larger neighbour in 2013.[5]
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
- ^ 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, 11 March 1981
- ^ 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