Unity Credit Union Limited, formerly Manchester Unity Credit Union, is a not-for-profit member-owned financial co-operative, based in Manchester and operating throughout the United Kingdom. The credit union was first established for members of the Independent Order of Oddfellows by Manchester Unity Friendly Society in 1991.[1]
| Founded | 2001 (1991) |
|---|---|
| Type | Industrial and Provident Society |
| Location |
|
| Website | unitycreditunion.co.uk |
History
editThe credit union traces its roots to Manchester Unity (No 1) Credit Union, which was founded in the English Midlands in 1991, followed by Manchester Unity (No 2) Credit Union in North London in 1994 and Manchester Unity (No 3) Credit Union in Yorkshire in 1997.[2] In 1999, the Treasury announced that credit unions would be brought within the mainstream regulatory scheme administered by the Financial Services Authority.[3] With little growth and increasing legislation, talks took place between the credit unions and the Board of the Oddfellows bringing all three together in 2001.[2]
In 2022, the common bond was expanded to include members of the Ancient Order of Foresters Friendly Society and Manchester Unity Credit Union became Unity Credit Union.
Activities
editMembership of Unity Credit Union is restricted by a common bond to members of the Oddfellows or the Foresters or a member of the same household who is a relative. New members can join both the Oddfellows and the credit union at the same time, which entitles them to the benefits of both organisations for a single monthly contribution.[4]
A member of the Association of British Credit Unions Limited,[5] Unity Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[6]
See also
editReferences
edit- ^ Gibbons, Damon Local welfare provision, low-income households, and third sector financial services provision Archived 18 May 2013 at the Wayback Machine (p. 84) Centre for Responsible Credit, March 2013
- ^ a b Credit Unions in the Oddfellows Manchester Unity Credit Union (retrieved 24 October 2015)
- ^ Edmonds, Timothy Credit Unions (p. 21) House of Commons Library, Briefing Paper No. 01034 (PDF), 5 January 2015
- ^ How to Join Manchester Unity Credit Union (retrieved 24 October 2015)
- ^ Credit unions in membership of ABCUL Archived 3 January 2015 at the Wayback Machine Association of British Credit Unions (retrieved 1 November 2014)
- ^ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)