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About Us
For People. Not Profit
Welcome to the Stevenage Credit Union Website
Stevenage Credit Union was established in 1995 by a group of local people in the community, with the support of Stevenage Borough Council.
Credit unions are a worldwide movement of not-for-profit co-operatives. They offer a real alternative way to save or borrow, providing low-cost personal loans and easy ways to save.
Credit unions operate by using members’ savings to make loans to members, the interest from the loans offsets the cost of running the credit Union and depending on the surplus made, an annual dividend may be paid to all members.
Credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.
Credit Unions in England, Scotland and Wales
There are around 470 credit unions in England, Scotland and Wales, most of whom are affiliated to the Association of British Credit Unions (ABCUL).
In England, Scotland and Wales, some 2 million people are using credit unions, including around 185,000 junior depositors, all of whom have recognised the value of credit unions. These credit unions hold deposits of £1.25 billion and have loans out totalling £803 million. There are thousands employed in the sector and many more thousands are volunteers.
Our Vision
Our vision is that Stevenage Credit Union is known to everyone in Stevenage and North Herts who recognise that we can offer a real alternative to high street banks and other lenders.
We intend to make the credit union even more attractive to new members by providing them with modern services like those offered by high street banks based on the principles of ethical saving, borrowing and information on financial management.
Values and Principles
Credit unions are not-for-profit savings and loans co-operatives where people can save at a level to suit themselves and borrow at a reasonable rate of interest. Every credit union is owned and controlled by its members.
Stevenage Credit Union has been keen to ensure that its members, partners and stakeholders share its values and principles which are:
Members first - every person who joins the credit union is an owner and has a say in the running of the organisation by attending the Annual General Meeting.
Democracy - every member has one vote and will only have one vote irrespective of how much money they have in their savings.
Participation - members are encouraged to take an active part in, and to develop a genuine interest in, the management of the credit union.
Self-help - training and education of members in the wise use of money and the management of their finances.
Equality - we treat all our members fairly and equally, regardless of who they are and where they come from.
Integrity - ensuring that the credit union abides by the legislative framework of rules governed by The Association of British Credit Unions Ltd (ABCUL), the Prudential Regulation Authority (PRA), the Financial Services Compensation Scheme (FSCS) and the Financial Conduct Authority (FCA).
Fair ways of working - we will aspire to be open and honest with the way our business is managed. We aim to constantly improve and welcome feedback from our members.
Stevenage Credit Union will not only follow these principles but will also encourage its members to do likewise.
Governance
Stevenage Credit Union is governed by a Board of Directors, volunteers who are elected by the membership at the Annual General Meeting. All Directors and Managers are individually approved by the PRA & FCA as ‘fit and proper’.
Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)
Stevenage Credit Union in common with all UK Credit Unions is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Our Firm Reference Number (FRN) is 213561.
Auditors
We have external auditors, currently Lindley Adams, who perform an annual inspection of the credit union’s business and report to the members at the Annual General Meeting each year.