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Proposed Merger with Serve & Protect Credit Union

At this years’ Annual General Meeting (AGM), held on Monday 15th July 2024, we will be proposing a motion to merger the National Fire Savers with Serve & Protection Credit Union, and we’ll be asking members to vote in favour of this at the meeting.

Why this proposal?

The National Fires Savers (NFS) Credit Union is a successful credit union, but it has stagnated in its growth. To reach the next level of growth we need to bring in more members, attract more fire services affiliated with payroll deduction, and improve the service provision to Members (including online access to accounts). This will require investment that is beyond the amount we are generating through retained earnings.

As we have not been able to extend beyond our current size on our own, it is our view that a merger with another large and successful credit union will provide Members with the services and stability they want and deserve.

Why Serve & Protect Credit Union?

The NFS Directors have been in discussions with Serve & Protect Credit Union, who are also a provider of services to firefighters and fire and rescue service staff. Serve and Protect, the result of seven credit unions merging in 2003, currently have more than 46,000 members from across the emergency services family (fire, health, military, police and prison services), and hold assets of £100 million.

Merging with Serve and Protect (transferring our operation to them) is seen as the most effective way to sustain the success of the NFS and to meet members’ credit union needs into the future. To agree the merger (formally known as a “Transfer of Engagements”) it requires two-thirds of members attending the meeting to support the motion. This will be followed by a second meeting (a Special General Meeting) – held between 14 and 30 days later – where at least half of the attending members can support the merger.

How can I vote?

The AGM will be a hybrid meeting held in-person and on-line on Monday 15th July 2024 at 5:30pm and all members in attendance will receive a vote. The AGM will be held at London Fire Brigade HQ, 169 Union Street, London SE1 0LL, as well as online. We will be using the GoTo Webinar platform, hosted by the Association of British Credit Unions Limited (ABCUL). Everyone who attends will be able to listen to the Chair’s reports and the business of the meeting, and every attending Member (in person or online) will be able to vote. Voting will be live with instant results.

The vote for online attendees will be on screen, where members simply select their preference. Members attending online will be muted however can ask virtual questions by typing in the ‘Question’ tab. Whilst we will do our best to answer them all on the day, in order to make sure your question is answered in time, please submit it in advance by emailing [email protected], at least two working days before the meeting.

If you would like to attend, you will need to register your intention no later than Thursday 11th July to be admitted on the day. To attend in person, in London, please email your full name and membership number to [email protected]. If you would like to attend online, please click on the link below and enter your name, email address and membership number.

https://attendee.gotowebinar.com/register/3087415896847072088

We hope to see you on the 15th July at 5:30pm.

NFSCU Board of Directors

Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (No.213995)