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Sunday, 23 November 2014

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Meeting will discuss idea to replace closed Millom credit union

WHEELS are in motion to replace a credit union which was shut down after falling foul of the Financial Services Authority.

Millom and District Credit Union was ordered to fold by the High Court on May 14, after a series of problems with filing its accounts on time.

Several embargoes, preventing the union lending money, were imposed by the FSA in December and January.

The credit union’s 530 members were all reimbursed the full amount of their savings automatically by The Financial Services Compensation Scheme – an amount totalling some £235,000.

A meeting is now set to be held in the Millom Council Chamber, above Millom Library in St George’s Road, to discuss a replacement venture – provisionally dubbed The South Copeland Community Bank.

Millom mayor, Councillor Brian Crawford, who will chair the meeting, said he was concerned with the way the credit union was disbanded.

He said: “It was obviously very disappointing that they could do that, and that more support could not have been made available because it had been going for 17 years.”

The meeting will aim to establish levels of interest in the community bank idea, and form a working group to move the project forward.

The group would then hold discussions with Cumbria County Council and Barrow Credit Union.

Cllr Crawford said: “With the credit union closing there is the risk of these doorstep people moving in and we would like to fill the vacuum as soon as possible.”

Cllr Crawford said the problem of accessing a small community banking organisation would not only affect residents in Millom, but people in surrounding areas would also face a journey to Barrow or Whitehaven.

Cumbria county councillor for Millom Without, Keith Hitchen, said: “I will attend the meeting. We need to make sure we have got something in place so people can access that kind of banking service.

“When you look at the literature that the county council officers are putting out, small community banks seem to be on the rise and it seems to be something they are supporting.”

The meeting will take place at 2pm on Friday, June 28, and anyone with an interest in the venture is welcome to attend.

Have your say

Your articles constantly state that all members had their money reimbursed by the FSA. I did not. This does not bother me as it was only a few pounds, but clearly stating that all money has been refunded is untrue.

Posted by Dave on 25 June 2013 at 12:56

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