Smart Money Cymru Community Bank, like all Community Banks and Credit Unions is authorised by the Prudential Regulation Authority (PRA) to operate as a Financial Organisation and our actions regulated by the Financial Conduct Authority (FCA) and the PRA to ensure we are meeting our legal requirements as a financial organisation. Our Firm Reference Number (FRN) is 213370 should you wish to check our registration with either of these.
SMCCB is Audited internally by the internal compliance team and externally by Bevan and Buckland LLP and they report to the elected Board of Directors that presents these findings at the Annual General Meeting (AGM). Any Director that serves under the FCA & PRA approved Senior Manager Regime is thoroughly vetted by the organisation and at times, the PRA & FCA.
Smart Money Cymru Community Bank has extensive insurance as required by law to cover against any wrong doings by Staff or Directors and ensure that all member’s money is safe, the same as other financial organisations. We also hold other necessary comprehensive insurance policies, such as buildings insurance, so our members know they are always safe when visiting us.
Smart Money Cymru Community Bank is registered by the Information Commissioner’s Office (ICO) as part of the General Data Protection Regulations 2018 as a company that holds data on its members. This means that should SMCCB misuse your data, you have the right to complain to the ICO. Our reference with the ICO is Z4777869.
Finally, the Financial Services Compensation Scheme (FSCS) covers Smart Money Cymru to provide compensation to any member of a Bank, Building Society or Credit Union that becomes insolvent.
If you as a member ever needed to make a claim for shares held by SMCCB that were unable to be paid back to you due to insolvency, an eligible depositor is entitled to claim up to £85,000. At this time, members of SMCCB are only permitted to have a share balance of £10,000.
For further information about the compensation provided by the FSCS scheme (including the amounts covered and eligibility to claim) please ask at your local branch of Smart Money Cymru Community Bank or go to the FSCS website.