Founded 2003 (1986) | Website policecu.co.uk | |
Type Industrial and Provident Society Location Guardians House, 2111 Coventry Road, Sheldon, Birmingham B26 3EA Key people Lord Stevens of Kirkwhelpington QPM DL, Honorary President | ||
The Police Credit Union Limited is a not-for-profit member-owned financial co-operative for the police and law enforcement family, based in Birmingham and operating throughout the United Kingdom. It has 23,000 members and assets in excess of £56m.
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The credit union is a member of the Association of British Credit Unions Limited, registered and operating under the Credit Union Act 1979 enhanced by the Legislative Reform Order 2012.
History
West Midlands Police Credit Union was formed in 1986, becoming Mid West Police Credit Union in 1997, before adopting the present name in 2003.
Merseyside Police Credit Union (established 1988) and Money Mate Credit Union (established 1997 and known as Avon and Somerset Constabulary Credit Union until 1999) transferred engagements to the Police Credit Union in 2003, followed by Northumbria Police Credit Union (established 1988) and Devon and Cornwall Constabulary Credit Union (established 1990) in 2004.
A number of other police forces in England and Wales continue to operate their own credit unions.
Activities
The credit union operates through a number of local branches and regional offices in Bristol, Exeter, Liverpool, Newcastle upon Tyne, Stockton-on-Tees and Welwyn Garden City.
The members of a credit union are required to share a common bond. In the case of the Police Credit Union, membership is restricted to serving and retired police officers, including special constables and police community support officers; serving police staff, retired police staff in receipt of a pension and members or employees of the Prison Officers' Association. Family members living in the same household are also eligible to join. If a member's circumstances change, for example a police officer changes occupation or a family member moves out of the household, the status of non-qualifying member is conferred with all other rights retained to ensure the common bond requirement is maintained.
The Police Credit Union runs a payroll deduction savings and loans scheme in conjunction with the POA and affiliated police forces. The credit union is responsible for the operation of the scheme, with the association, force or HM Prison Service facilitating monthly deductions from salary. It offers a number of savings and loan products, including a tax-free Cash ISA.
At the end of the financial year, operating expenses are deducted from income and a dividend based on any surplus is paid gross to savers. In 2014, the board recommended a dividend of 1.2% to the Annual General Meeting.
The 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.