Founded 2001 | ||
Location City Hall, Beaumont Fee, Lincoln LN1 1DD Website lincscreditunion.org.uk Type of business Industrial and Provident Society | ||
The Lincolnshire Credit Union Limited is a not-for-profit member-owned financial co-operative, based in Lincoln and operating throughout the county in the English Midlands. In 2011, the credit union had approximately 2000 adult savers, nearly 500 borrowers and 350 junior savers. LincUp, Alford and District Community Bank and Louth Community Bank are trading names of Lincolnshire Credit Union.
Contents
History
The North Kesteven Credit Union was formed in 2001, adopting its current name in 2004, when the then Financial Services Authority agreed to an expansion of the common bond allowing the credit union to operate within the administrative county of Lincolnshire. Gainsborough and District Credit Union, which had been founded in 1999, transferred engagements in 2007.
In 2009, the board met with the directors of Lincoln Credit Union, which had been serving members in the city of Lincoln since 2001, and agreed that the best interests of the whole Lincolnshire community would be better served by merging the operations of both organisations.
Activities
The members of a credit union are required to share a common bond. In the case of Lincolnshire Credit Union, membership is restricted to people living or working in the county of Lincolnshire in the East Midlands.
A member of the Association of British Credit Unions Limited, registered under the Industrial and Provident Societies Acts, The Lincolnshire Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.