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How we are Governed

Governance

As a financial co-operative, LMCU is based on the principles of the International Cooperative Alliance that are also adopted by World Council of Credit Unions. Our members are our owners and we recognise that the strength of our credit union depends on the strength and quality of the relationship we have with our members.

Background

As a financial co-operative, London Mutual Credit Union is based on the principles of the International Cooperative Alliance that are also adopted by World Council of Credit Unions.

Our members are our owners and we recognise that the strength of our credit union depends on the strength and quality of the relationship we have with our members.

Legal Form & Affiliations

London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248) & is:

  • Operating under the Credit Union Act 1979
  • A Member of the Association of British Credit Unions Ltd
  • A Member of the Financial Services Compensation Scheme
  • A Member of the Financial Ombudsman Service
  • A Member of the Building Societies Association

Board of Directors

The work of the Credit Union is overseen by a Board of Directors who are elected from among our membership. Their responsibilities include setting the credit union’s strategy, approving business plans, ensuring we meet our legal and regulatory responsibilities, and supporting the Chief Executive Officer.

As a credit union, all our directors are unpaid volunteers. The one exception is the Treasurer, who, with the approval of members, receives an honorarium in recognition of their additional responsibilities. Being a director is a significant commitment, and we are grateful to them all for their time and dedication.

Lakshman Chandrasekera

Lakshman Chandrasekera

Chief Executive Officer

I have been managing the London Mutual Credit Union since 1993 and have extensive experience in setting up products, processes and procedures.

I was instrumental in the successful mergers of six local credit unions and oversaw a technology transformation on the implementation of a new core banking platform in 2016. Our vision for the credit union is to offer an increasing range of quality products and services and to introduce the new technological changes that empower our membership.

Dr Floyd Millen

Dr Floyd Millen

Chair & Audit Committee

Dr Floyd Millen is a Political Scientist and a Subject Matter Expert (SME) in Privacy advising HMRC on privacy risk remediation. Floyd is the former Head of Identity Services at Post Office Ltd; Special Adviser to the Cabinet Office (GDS) on identity services; former Data Manager at the BBC and privacy SME in the energy sector to Xoserve/Corella and Royal Dutch Shell where he advised on Data Ethics.

 As a Political Scientist, has a PhD in Political Science and Criminology and studied under the Conservative peer and academic, Professor the Lord Norton of Louth and was mentored by the former Home Secretary, the Right Honourable Charles Clarke.

Floyd is a Member of the Academic Advisory Group for the Mayor of London’s Police and Crime Plan (PCP) 2021 and is a former adviser to the Metropolitan Police Authority. Floyd is a former council member of the Hansard Society, and former peer reviewer the Economic and Social Research Council (ESRC). Floyd is a peer reviewed author (Oxford University Press) and the author of Police Reform and Political Accountability in UK & USA (1607-2016)

Louis McLeod OBE

Louis McLeod OBE

Treasurer & Audit & Risk Committee

I am currently a Director for a large national charity and has been there since 1996. It has given me an extensive experience in management and finance.

My experience includes Accounts, Banking, Administration and Asset Management. I have been working at various levels in the Credit Union industry over the past 30 years and served as a Director for Association British Credit Unions.

Heather Harris

Heather Harris

Secretary & Anti Money Laundering Officer

I am a Manager in the Revenues & Benefits Department of Southwark Council for over 30 years, dealing with Welfare Benefits, Reform and Social Inclusion. I have been a Trade Union Steward for over 20 years and have over 10 years’ experience with the Credit Union.

I have a keen interest in financial inclusion and Mortgage Lending and have undertaken various mortgage underwriting training.

Lord Kennedy of Southwark

Lord Kennedy of Southwark

Non-Executive Director & Audit Committee

I have been a member of the House of Lords since 2010 and am presently Shadow Minister for Communities and Local Government. I am long term supporter of credit unions and chair of the Credit Union Foundation.

Previously I served as a member of Southwark Council holding a variety of posts including the deputy leader of the council.

 

Richard Cooper

Richard Cooper

Risk Committee

I bring a wealth of experience gained from my background in banking and in the legal profession. I am currently serving as an in-house lawyer at Shawbrook Bank but previously has worked in the legal departments of a number of lenders including Lloyds Bank.

I am a practising solicitor for over 20 years with a background in secured corporate lending, mainly property, shipping and aircraft finance. 

Albert Marshall

Albert Marshall

Non-Executive Director

I am a lawyer and technology executive with over 20 years’ post-qualification experience. Extensive experience in-house in multinational organisations, particularly in the software and entertainment industries, covering a broad range of commercial law, in particular technology, intellectual property, entertainment, international distribution, marketing operations and related regulation.

Qualified as a barrister. Experience founding and running own business. 

Bridget Vaughan

Bridget Vaughan

Non-Executive Director

I am a Chartered Management Accountant (ACMA) with 25 years of experience, and specialise in accountancy and business training. My tuition and lecturing responsibilities include leadership of the business programme at Lambeth College and as an AAT examinations marker. I have also served as a school governor.

Olufemi Sallyanne Decker

Olufemi Sallyanne Decker

Non-Executive Director

Olufemi Sallyanne Decker is an Associate Professor in Banking and Finance at University of Greenwich. She holds a PhD in Financial Economics, is a Senior Fellow of the Higher Education Academy and a Member of the Association of Business Executives. 

She has more than 25 years of academic experience in teaching banking, corporate finance, ethics and economics and has held a variety of academic leadership posts in quality assurance and programme management for over 15 years. Sallyanne’s industry experience includes four years in commercial banking and over 20 years of knowledge exchange activity with British credit unions, including working as an Associate Consultant for the Association of British Credit Unions (ABCUL).

She has published papers on credit unions, corporate social responsibility in financial services, financial inclusion, structural change in the banking sector and pedagogy. 

Michael Cook

Michael Cook

Non-Executive Director

I Have served over 36 years in the RAF Regiment. My career took me to austere locations where leadership and management were life-saving. Leaving the service, I started a consultancy where I and my business partner help and advise companies tender for MOD contracts.

I have a MSc in Leadership and Management and have recently attained a good understanding of recognising and writing risk registers. I still maintain close ties with Armed Forces personnel both serving and non-serving in throughout the world.