London Capital Credit Union

{{see also|History of credit unions}}

Islington Council Employees Credit Union was originally established in 1997, to provide secure savings and low cost flexible loans for employees of Islington Council.[http://www.credit-union.coop/content.asp?section=1 About the Credit Union] London Capital Credit Union (retrieved 1 November 2014) It became Islington and City Credit Union in 2007,[http://www.credit-union.coop/images/library/documents/26052011-155439.pdf Credit Union for Haringey] Islington and City Credit Union, Newsletter Issue 4, Winter/ Spring 2010/11 briefly Haringey, Islington and City Credit Union (with the support of Haringey Council) in 2011[http://www.credit-union.coop/images/library/documents/03022012-102755.pdf Welcome to Haringey] Haringey, Islington and City Credit Union, Newsletter Issue 5, Autumn/ Winter 2011/12 and finally adopted the current name, broadening its catchment to include Barnet, Brent, Camden, City of London, Enfield, Hackney, Haringey, Islington & Waltham Forest .[http://www.credit-union.coop/images/library/documents/24052012-145910.pdf Barnet, Camden and Hackney] London Capital Credit Union, Newsletter Issue 6, Summer/ Autumn 2012

One of Britain's first registered credit unions,Voinea, Anca [http://www.thenews.coop/66718/news/community/abcul-marks-50th-anniversary-first-credit-union-britain/ ABCUL marks the 50th anniversary of the first credit union in Britain] Co-operative News, 26 March 2014 Hornsey Co-operative Credit Union[http://www.credit-union.coop/images/library/documents/18122012-113615.pdf Welcome to New Members in Hornsey] London Capital Credit Union, Newsletter Issue 7, Winter/ Spring 2012/13 and the neighbouring North West London Credit Union[http://www.credit-union.coop/images/library/documents/22042013-150638.pdf Expanding Your Credit Union] London Capital Credit Union, Newsletter Issue 8, Summer/ Autumn 2012/13 transferred engagements in 2013,[http://www.credit-union.coop/images/library/documents/16102013-123227.pdf Expanding Your Credit Union] London Capital Credit Union, Newsletter Issue 9, Winter/ Spring 2013/14 followed by the smaller Radio Taxicabs Credit Union in 2014.[http://www.credit-union.coop/images/library/documents/10102014-142513.pdf Radio Taxi Cabs Credit Union Merger] London Capital Credit Union, Newsletter Issue 11, Autumn/ Winter 2014

David Lammy, Labour member of Parliament for Tottenham, was signed into membership in 2014,[http://www.credit-union.coop/images/library/documents/10042014-163906.pdf Campaign Against Payday Lenders] London Capital Credit Union, Newsletter Issue 10, Spring/ Summer 2014 followed by Dave Prentis, General Secretary of the public service trade union, UNISON (then President of Unity Trust Bank and a non-executive director of the Bank of England).[http://www.credit-union.coop/images/library/documents/15012015-170042.pdf Member Number 11,000] London Capital Credit Union, Newsletter Issue 12, Spring 2015 UNISON's registered charity, There for You, has been working in partnership with the credit union since 2013.[http://www.unison.org.uk/news/unison-launches-credit-union-network UNISON launches credit union network] UNISON—the Public Service Union, 18 September 2013

In 2015, a merger with the small Rainbow Credit Union for Co-operative members and employees in London and the South East proved impractical;[http://www.credit-union.coop/images/library/documents/20102015-102807.pdf Keeping it Co-operative] London Capital Credit Union, Newsletter Issue 15, Autumn/ Winter 2015 it was placed into administration and ceased trading on 14 September.[http://www.fscs.org.uk/news/2015/september/the-rainbow-credit-union-declared-in-default/ The Rainbow Credit Union declared in default] Financial Services Compensation Scheme, 15 September 2015 Notable for being one of the first credit unions to lend money to businesses, the neighbouring North London Credit Union transferred engagements in 2023.

The credit union promotes thrift by the accumulation of savings, creating sources of credit at a fair and reasonable rate of interest by using savings for the mutual benefit. Its objects include the training and education of members in the wise use of money and in the management of their financial affairs.[https://web.archive.org/web/20141101200218/http://credit-union.coop/images/library/documents/09012013-154813.pdf Objects] London Capital Credit Union, Rules (3), 2012

Credit unions form part of the wider international co-operative movement and can be found in 97 countries, with over 184 million members. In the UK there are currently 362 credit unions, offering an alternative to payday lenders to some 1.2 million members.Acland, Olivia [https://www.theguardian.com/money/2015/oct/24/forget-payday-lenders-better-way-to-borrow Forget payday lenders – there’s a much better way to borrow] The Guardian, 24 October 2015 Membership of London Capital Credit Union is restricted by Common bond of association / common bond to individuals living or working in the London & the South East, members of the South East Region of The Co-operative Group and the Greater London & Eastern Region of Unite the Union or employees of over 100 of employers across the UK..[https://web.archive.org/web/20141101200218/http://credit-union.coop/images/library/documents/09012013-154813.pdf Common bond qualifications for membership] London Capital Credit Union, Rules (7.1), 2012

London Capital Credit Union runs salary savings and loans schemes in conjunction with over 100 national and local employers. It also offers a Prize Saver Scheme with a monthly free prize draw for £5,000 as an incentive to save. The credit union is responsible for the operation of the salary scheme, with the employer facilitating monthly deductions from salary.[http://www.credit-union.coop/images/library/documents/07052013-113220.pdf Mutual Benefits for Employers and Employees] London Capital Credit Union, 2013

Low cost Saver Loans allocate part of the repayment to a share account, which means that as members repay loans their savings continue to grow. The credit union also offer a range of other products, including short-term and home-owner loans; credit builder loans, designed to help people repair their credit rating; and security loans, to encourage members not to withdraw their savings. CredEcardplus is a reloadable prepaid card that works in a similar way to a High Street bank account. The credit union has a 94% approval rate for its saver loans.[http://www.credit-union.coop/images/library/documents/23042015-112554.pdf 94% Approval Rate For Our ‘Saver Loans’] London Capital Credit Union, Newsletter Issue 13, Summer 2015

The credit union is an accredited London living wage employer.[http://www.credit-union.coop/images/library/documents/20102015-102807.pdf London Living Wage Campaign] London Capital Credit Union, Newsletter Issue 15, Autumn/ Winter 2015 In 2015, the Fairbanking Foundation awarded London Capital Credit Union five stars for personal loan products in its first Mark certifications.Jones, Rupert [https://www.theguardian.com/money/2015/oct/21/financial-firms-praised-for-helping-customers-manage-their-money Financial firms praised for helping customers manage their money] The Guardian, 21 October 2015

Credit unions do not pay a fixed rate of interest on savings balances. Instead, they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid (2% in 2023).

A member of the Association of British Credit Unions Limited,[http://www.abcul.org/about/abcul-credit-unions Credit unions in membership of ABCUL] {{Webarchive|url=https://web.archive.org/web/20150103045521/http://www.abcul.org/about/abcul-credit-unions |date=3 January 2015 }} Association of British Credit Unions (retrieved 1 November 2014) registered under the Industrial and Provident Societies Acts, London Capital Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[http://www.fscs.org.uk/uploaded_files/Publications/Brochures/Credit_Union_Guide.pdf Credit Union Guide] Financial Services Compensation Scheme (retrieved 2 April 2015)

• Credit unions in the United Kingdom
• British co-operative movement

{{reflist}}

• [http://www.credit-union.coop/index.asp London Capital Credit Union]
• [http://www.abcul.org/home Association of British Credit Unions]

{{Credit Unions in the United Kingdom}}

Category:Credit unions of the United Kingdom

Category:Banks established in 1997

Category:Companies based in the London Borough of Islington

Category:Unison (trade union)