Is My Money Safe?
Your money is 100% safe because Credit Unions in the UK are strictly regulated, and we are members of the Financial Services Compensation Scheme.
Credit Union Regulation
The main Act of Parliament which governs how credit unions operate is the Credit Unions Act 1979. This sets out the objects of a credit union: -
The Act states that credit unions must have their accounts audited annually by a qualified auditor and that they must be insured against fraud or theft.
Since July 2002 Smart Money Cymru Credit Union has been regulated by the Prudential Regulation Authority (registration number 213370), as are banks and building societies. The performance of each credit union is monitored by the Prudential Regulation Authority and The Financial Conduct Authority and senior staff and volunteers involved in the running of the Smart Money Cymru Credit Union must be approved by them.
If you have any concerns about how your Credit Union is operated, you are invited to discuss them with the staff or a Board or Supervisory member.
The Financial Services Compensation Scheme
We 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.
For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.
Credit union members also have the option of complaining to the Financial Ombudsman Service, if they don't get satisfaction from their credit union's internal complaints procedure.