An Ethical Organisation
We aim to promote sound financial management by lending responsibly and encouraging members to save. We are open to any member of the community, and are particularly keen to help those who cannot borrow from conventional sources without paying exceptionally high rates of interest.
We are a member of the Association of British Credit Unions, the largest trade body for credit unions in the UK. ABCUL has developed the code of governance for Credit Unions. This has been an important tool in the effort to grow the sector; providing resources and guidance to credit unions. The code strengthens credit unions' internal structures, their accountability to members and stakeholders and aims to complement the regulatory framework for credit unions.
We have adopted the code, and are working towards full compliance with it. You can view the code and read more about it here.
Our associate company, North London Community Finance, is a member of the Community Finance Development Association, and has adopted in full the association's code of practice. This can be viewed here.
North London Community Finance is also a member of Capital Enterprise, the New Generation Finance Consortium, the Centre for Responsible Credit and Social Enterprise London.
A Democratic Organisation
As a co-operative we are owned by our members, and our directors are elected by our members each year on a one member one vote basis.
We are bound by a set of rules passed by our members in general meeting and authorised by the Financial Services Authority. The rules can be accessed here.
A Worldwide Movement
North London Credit Union is part of a world-wide movement of similar organisations, details of which can be found at www.woccu.org.