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. Westminsters Credit Union Governance

As a financial cooperative, Westminsters Credit Union is based on the principles of the International Cooperative Alliance that are also adopted by World Council of Credit Unions. Our members are our owners and we recognise that the strength of our credit union depends on the strength and quality of the relationship we have with our members.

This is why the credit union has voluntarily adopted the Governance Code that was launched by ABCUL in November 2008. It shows the transparency of managing the affairs of the credit union and at the same time helps strengthen both internal structures and accountability to the members and stakeholders of Southwark Credit Union.
Westminsters Credit Union Board is responsible for good governance in the credit union and adheres to the principles of good governance outlined in the Governance Code for Credit Unions.


. Code of Governance

The code of governance requires that the credit union reaches compliance in elements of:

1. COMPLIANCE AND CONTINUITY - The credit union strives to ensure compliance and transparency with the requirements of the law, the regulator and members of the credit union and takes steps to safeguard the future of the credit union.

2. INTEGRITY & ACCOUNTABILITY - The credit union strives to maintain the integrity of elected individuals, staff and the credit union as a financial provider and an ethical co-operative business and in doing so aims to maintain accountability to all of its stakeholders.

3. SKILLS AND ABILITY - The Board and Senior Management must ensure that all those involved in the operation of the credit union will have the opportunity to develop the skills and knowledge necessary to operate the credit union successfully.

4. STRUCTURE AND THE PRINCIPLES OF GOOD GOVERNANCE -The credit union must develop and maintain an accessible, clear and co-operative structure.

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. The Common Bond & Membership

Westminsters Credit Union is authorised and regulated by the Financial Services Authority Firm Reference Number (FRN) 213248 and is:
An Industrial and Provident Society
A Member of the Association of British Credit Unions Ltd
Member of the Financial Services Compensation Scheme
A Member of the Financial Ombudsman Service

Westminsters Credit Union has a common bond of "Residing in or being employed in the London Boroughs of Southwark, Lambeth or Westminsters and has 15,104 members as at September 2012.

Balance Sheet highlights:

  2010 2011 2012
Membership 12,043 13,510 15,104
Junior Savers 1,888 1946 2066
Savings $60,447,543 $70,059,134 $80,000,370
Loans $70,053,265 $70,941,749 $80,903,994
Assets $90,184,433 $90,708,692 $100,427,609

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. Capital and Liquidity Ratios 30th September 2012
Actual
FSA Requirement
Liquidity Ratio
54.5%
5 to 10%
Capital Ratio
20.8%
5 to 8%

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First Group Credit Union-code of Governance - Total Score as at February 2013
Principles of the Code
Required Standards Achieved
%
Gold Standards Achieved
%
Compliance & Continuity
8
From
8
100
2.5
From
3
83
Integrity & Accountability
7.5
From
8
93.8
4
From
5
80
Skills & Ability
6
From
6
100
2
From
3
67
Structure and Good Governance
6.5
From
8
81.25
3.5
From
4
87
TOTALS
28
From
30
93.33
12
From
15
80

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. Links on this page:
   
Westminsters Governance
Code of Governance
The Common Bond
Balance Sheet Highlights
Capital & Liquidity Ratios
Total Governance scores
   
 
 
Westminsters Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248)
Providing ethical financial services for over 31 years