Facts and figures - Audited Accounts | FCA | Financial Services Compensation Scheme
Here are some key facts and figures.
The credit union accounting year ends on 30th September each year. The figures below are from our audited accounts at the end of September 2016; we are currently in the 2016-17 financial year.
|Year||Active Members||Total Savings||Total Loans||Total Assets||Dividend payment|
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Our accounting year runs from 1st October to 30th September. Each year, our accounts are independently audited by external auditors.
Our audited accounts are submitted annually to the Financial Conduct Authority along with their Annual Return.
FCA - Our Regulators
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All credit unions in the UK are Authorised by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulatory Authority. Prior to the PRA and the FCA taking over in April 2013, credit unions were regulated by the Financial Services Authority.
The FCA and PRA are independent non-governmental bodies, given statutory powers by the Financial Services and Markets Act 2000. They are a companies limited by guarantee and financed by the financial services industry.
The FCA & PRA are accountable to Treasury Ministers and, through them, Parliament. They operate independently of government and are funded entirely by the firms they regulate (including credit unions). The FCA & PRA have been given a wide range of rule-making, investigatory and enforcement powers in order to meet four statutory objectives.
For more information about the FCA and PRA please visit their website at www.fca.org.uk and www.bankofengland.co.uk/prudential-regulation.
Financial Services Compensation Scheme
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Members of the National Fire Savers Credit Union are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts, each account holder is treated as having a claim in respect of their share. The £85,000 limit relates to the combined amount in all the eligible depositors accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please call them on 0800 678 1100 or visit their website at www.fscs.org.uk.