Barrow Credit union given go-ahead to open
Last updated at 18:53, Monday, 17 December 2012
THE Barrow and District Credit Union is free to begin trading after being granted financial accreditation.
The study group, which plans to set up a credit union in Barrow, heard on Tuesday that it has 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 £10,000 has been invested.
The group has said it does not envisage any problems in meeting these conditions and hopes to open as soon as possible.
Rob Cairns, the credit union’s chairman, said the news was a great Christmas present.
He said: “It is great to be able to drop the words ‘study group’, which honestly did not mean a lot to people, and just call ourselves Barrow and District Credit Union.
“We submitted our application for authorisation way back on May 25 so it has been a long process but I think it’s a great Christmas present not just for our committee, who have worked so tirelessly, but also for the Borough of Barrow-in-Furness who will now have their own credit union offering low interest loans and good savings accounts.
“This is a great achievement for our community and we would like to thank our study group members, both past and present, whose vision and hard work over the past 26 months has now achieved the desired result.
“Thank you also to our funders for their vital financial contributions and to the many other individuals and organisations for their much valued and kind support.
“Finally, thank you to the 500 plus people who took the trouble to complete the pledges needed to realise our ambition of setting up a credit union in Barrow.”
Jon Balm, the credit union’s recently appointed general manager, said the group’s premises were almost ready to move into.
He said: “We are presently renovating our premises, with the help of Furness College students, at The Mall, have ordered our IT systems and now look forward to opening our doors for business early in the new year.”
First published at 16:28, Monday, 17 December 2012
Published by http://www.nwemail.co.uk
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