Secure Savings
Savings are protected in a credit union in different ways.Credit unions are regulated and authorised by the Financial Services Authority. This is the same regulator as banks and building societies and all other providers of financial services in Britain.
A group of members known as the Supervisory Committee checks that the credit union is running safely and is taking care of members’ money.
An auditor carries out an annual inspection of the Credit Union’s business.
The credit union is required by law to maintain an insurance policy (fidelity bond) to protect the credit union against fraud or theft.
Members of credit unions with savings are protected by the Financial Services and Compensation Scheme. The FSCS is a safety net for customers of financial firms – in the case of a credit union going out of business, the FSCS provides 100% protection for the first £2,000 of savings and 90% protection for the next £33,000. This is the same level of protection that customers of banks and building societies enjoy.
LASA Credit Union Ltd. is Regulated by the Financial Services Authority (FSA).
Our trade organisation is Association of British Credit Unions (ABCUL).Credit Unions - saving and borrowing to meet your needs, FSA fact sheet