be confused with london community credit union . london capital credit union founded 1997 hornsey co operative 1964 type industrial and provident society location the jeremy hopgood rooms caxton house 129 st john s way london n19 3rq key people helen baron president martin groombridge chief executive website credit union.coop london capital credit union limited is a not for profit member owned financial co operative based in archway and operating in the city of london and north london boroughs of barnet camden hackney haringey and islington . founded in 1997 by 2014 the credit union had over 11 000 members and assets in excess of 7m . 1 a small permanent staff are supported by a team of volunteer member services assistants . contents 1 history 2 activities 2.1 products 2.2 dividends 3 see also 4 references 5 external links history edit see also history of credit unions islington council employees credit union was originally established in 1997 to provide secure savings and low cost flexible loans for employees of islington council . 2 it became islington and city credit union in 2007 3 briefly haringey islington and city credit union with the support of haringey council in 2011 4 and finally adopted the current name broadening its catchment to include barnet camden and hackney in 2012 . 5 hornsey co operative credit union 6 one of britain s first registered credit unions 7 and north west london credit union 8 transferred engagements to london capital in 2013 9 followed by the smaller radio taxicabs credit union in 2014 . 10 david lammy labour member of parliament for tottenham was signed into membership in 2014 11 followed by dave prentis general secretary of the public service trade union unison the president of unity trust bank and a non executive director of the bank of england . 12 unison s registered charity there for you has been working in partnership with the credit union since 2013 . 13 in 2015 a merger with the small rainbow credit union for co operative members and employees in london and the south east proved impractical ; 14 it was placed into administration and ceased trading on 14 september . 15 activities edit the credit union promotes thrift by the accumulation of savings creating sources of credit at a fair and reasonable rate of interest by using savings for the mutual benefit . its objects include the training and education of members in the wise use of money and in the management of their financial affairs . 16 credit unions form part of the wider international co operative movement and can be found in 97 countries with over 184 million members . in the uk there are currently 362 credit unions offering an alternative to payday lenders to some 1.2 million members . 17 membership of london capital credit union is restricted by common bond to individuals living or working in the city of london and london boroughs of barnet camden hackney haringey and islington members of the south east region of the co operative group and the greater london region of unite the union or employees of a number of organisations including veolia environmental services and circle housing group nationally . 18 as part of lloyds banking group s helping britain prosper plan branches of lloyds bank and halifax in the common bond area work with the credit union to ensure customers are signposted towards financial solutions that best meet their needs . this compliments a similar referral scheme run in conjunction with barclays bank . 19 similar referral arrangements are in place with branches of barclays . products edit london capital credit union runs a payroll deduction savings and loans scheme in conjunction with most major local employers . the credit union is responsible for the operation of the scheme with the employer facilitating monthly deductions from salary . 20 a payment card accepted at post office and paypoint outlets can also be issued to members on request . low cost saver loans allocate part of the repayment to a share account which means that as members repay loans their savings continue to grow . the credit union also offer a range of other products including short term and home owner loans ; credit builder loans designed to help people repair their credit rating ; and security loans to encourage members not to withdraw their savings . credecardplus is a reloadable prepaid card that works in a similar way to a high street bank account . the credit union has a 94 % approval rate for its saver loans . 21 the credit union is an accredited london living wage employer . 22 in 2015 the fairbanking foundation awarded london capital credit union five stars for personal loan products in its first mark certifications . 23 dividends edit credit unions do not pay a fixed rate of interest on savings balances . instead they distribute any trading surplus to members in the form of an annual dividend calculated on average savings or as a rebate of loan interest paid . recent dividends are shown below year dividend 2012 2 % 2013 1 % 2014 1 % 2015 1.2 % 2016 0.75 % savings 1 % loans a member of the association of british credit unions limited 24 registered under the industrial and provident societies acts london capital credit union is authorised by the prudential regulation authority and regulated by the financial conduct authority and pra . ultimately like the banks and building societies members savings are protected against business failure by the financial services compensation scheme . 25 see also edit credit unions in the united kingdom british co operative movement references edit record year for london capital cu association of british credit unions news 13 october 2014 about the credit union london capital credit union retrieved 1 november 2014 credit union for haringey islington and city credit union newsletter issue 4 winter spring 2010 11 welcome to haringey haringey islington and city credit union newsletter issue 5 autumn winter 2011 12 barnet camden and hackney london capital credit union newsletter issue 6 summer autumn 2012 welcome to new members in hornsey london capital credit union newsletter issue 7 winter spring 2012 13 voinea anca abcul marks the 50th anniversary of the first credit union in britain co operative news 26 march 2014 expanding your credit union london capital credit union newsletter issue 8 summer autumn 2012 13 expanding your credit union london capital credit union newsletter issue 9 winter spring 2013 14 radio taxi cabs credit union merger london capital credit union newsletter issue 11 autumn winter 2014 campaign against payday lenders london capital credit union newsletter issue 10 spring summer 2014 member number 11 000 london capital credit union newsletter issue 12 spring 2015 unison launches credit union network unison the public service union 18 september 2013 keeping it co operative london capital credit union newsletter issue 15 autumn winter 2015 the rainbow credit union declared in default financial services compensation scheme 15 september 2015 objects london capital credit union rules 3 2012 acland olivia forget payday lenders there s a much better way to borrow the guardian 24 october 2015 common bond qualifications for membership london capital credit union rules 7.1 2012 lloyds banking group grant london capital credit union newsletter issue 14 summer autumn 2015 mutual benefits for employers and employees london capital credit union 2013 94 % approval rate for our saver loans london capital credit union newsletter issue 13 summer 2015 london living wage campaign london capital credit union newsletter issue 15 autumn winter 2015 jones rupert financial firms praised for helping customers manage their money the guardian 21 october 2015 credit unions in membership of abcul association of british credit unions retrieved 1 november 2014 credit union guide financial services compensation scheme retrieved 2 april 2015 external links edit london capital credit union association of british credit unions v t e credit unions in the united kingdom community alford and district community bank the co operative eastern savings & loans east london cherwell community bank leeds city lincolnshire london capital london community london mutual london plus louth community bank northamptonshire north london plaid cymru rainbow saver anglia thamesbank wandsworth plus white rose yourcu industrial changemaker churches mutual 1st class manchester unity national fire savers nhs ou employees pcs penny post plane saver police rmt scvo tcu money dissolved district of canterbury hornsey co operative north west london radio taxicabs london associations association of british credit unions gb irish league of credit unions ni ulster federation of credit unions ni retrieved from https en.wikipedia.org w index.php title london capital credit union & oldid 732744003 categories credit unions of the united kingdomcompanies based in islingtoncompanies established in 1997hidden categories engvarb from 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