The code of governance requires that the credit union
reaches compliance in elements of:
1. COMPLIANCE AND CONTINUITY - The credit union strives
to ensure compliance and transparency with the requirements
of the law, the regulator and members of the credit union
and takes steps to safeguard the future of the credit union.
2. INTEGRITY & ACCOUNTABILITY - The credit union strives
to maintain the integrity of elected individuals, staff
and the credit union as a financial provider and an ethical
co-operative business and in doing so aims to maintain accountability
to all of its stakeholders.
3. SKILLS AND ABILITY - The Board and Senior Management
must ensure that all those involved in the operation of
the credit union will have the opportunity to develop the
skills and knowledge necessary to operate the credit union
successfully.
4. STRUCTURE AND THE PRINCIPLES OF GOOD GOVERNANCE -The
credit union must develop and maintain an accessible, clear
and co-operative structure.
back to top
| .
The Common Bond & Membership |
London Mutual Credit Union (formerly known as the Southwark
Credit Union) is authorised and regulated by the Financial
Services Authority Firm Reference Number (FRN) 213248 and
is:
• An
Industrial and Provident Society
• A Member
of the Association of British Credit Unions Ltd
• Member
of the Financial Services Compensation Scheme
• A Member
of the Financial Ombudsman Service
London Mutual Credit Union has a common bond of "Residing
in or being employed in the London Boroughs of Southwark
or Lambeth and has 9424 members;
Membership during the financial year ending 30th September
2009.
|
New
accounts |
Accounts
closed |
Total at year end |
|
|
489
|
9424
|
|
|
74
|
1305
|
back to top
| .
Balance Sheet Highlights |
Total
adult savings |
£5,142,651
|
Total
out on loan |
£5,929,245
|
|
£7,928,896
|
back to top
| .
Capital and Liquidity Ratios 30th September
2009 |
|
Actual
|
FSA
Requirement |
Liquidity
Ratio |
54.3%
|
5
to 10% |
|
11.5%
|
5
to 8% |
back to top
| .
London Mutual CU Total Score as at February
2010 |
Principles of the Code |
Required Standards Achieved |
|
|
% |
Gold Standards Achieved |
|
|
% |
Compliance & Continuity |
8
|
From |
8 |
93.75 |
1.5
|
From |
3 |
0 |
Integrity & Accountability |
6
|
From |
8 |
56.25 |
4
|
From |
5 |
60 |
Skills & Ability |
5.5
|
From |
6 |
58.33 |
2
|
From |
3 |
17 |
Structure and Good Governance |
6.5 |
From |
8 |
81.25 |
3.5 |
From |
4 |
87 |
TOTALS |
26
|
From |
30 |
73.33 |
11
|
From |
15 |
47 |
back to top
|
