Barrow credit union gets green light
Last updated at 13:57, Wednesday, 12 December 2012
THE BARROW and District Credit Union is free to begin trading after being granted financial accreditation.
The study group which plans to setup a credit union in Barrow heard this morning that they have been granted authorisation from the Financial Services Authority (FSA).
Only three pre-conditions have been set by the FSA - having fidelity insurance in place, confirming that systems have been tested and providing a bank statement showing has been £10,000 invested.
The group has said it does not envisage any problems in meeting these conditions and hopes to open as soon as possible.
- For the full story, see tomorrow's Evening Mail.
First published at 08:48, Wednesday, 12 December 2012
Published by http://www.nwemail.co.uk
Dicky, what on earth are you on about? What companies?
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A credit union isn't at all like the companies you're thinking of. A credit union is owned by its members, encourages people to save, has a very careful lending policy, is authorised by the FSA and is mainly run by volunteers. The money people save is protected, as in any High St bank. Please look on the website, barrowdistrictcu.org.co.uk, the Facebook page or Twitter for more information.
Posted by Sue on 13 December 2012 at 17:53