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This censure does not affect the credit unions’ members, more than 5,000 of whom received a dividend of 1.5% on their savings in December.

The FSA recognises that no financial benefit was gained by the credit union or any of its staff or Directors and that the loan was issued for the benefit of the local community. The FSA has also determined that the credit union did not deliberately or recklessly contravene regulatory requirements.

The Board has since taken all steps necessary to rectify this situation and the loan was fully repaid to the credit union by the end of August 2011. The FSA accepts that the credit union has been open and co-operative with the investigation and worked with the regulator to ensure early resolution of the matter.

Financial assistance was issued to a Trust operating a local Post Office under threat of closure with 7 employees and a Pre 5 Nursery with 12 staff and providing day-care facilities for 40 children. Given that Credit Union might also have had to relocate to local community halls with the demolition of premises then valuable services to the local community may have been affected by these closures. Although the transactions were made with only good intentions and there was no attempt made to hide them from the FSA, the Board accepts that there was a breach of procedure and it has done all it can to rectify the situation.

Processes and controls

The credit union has developed a robust Internal Audit system, strengthened its Policies, Procedures and Controls and implemented a new structure of Management Information provided to its Board of Directors. Senior staffs have been included into a new Finance Team that meets on a weekly basis to look over budgets and financial information. We have also employed, on a consultancy basis, a Chartered Accountant who provides advice, training and support to our existing Finance Team and the Board of Directors.

The Board continues to look to the future and to growing the services the credit union provides to the people of Glasgow in a sustainable, safe and effective way. It looks forward to working with its members and partners to continue its success in the coming years, as it has done since 1993.

The Credit Union welcomes the introduction of the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2010 (the “LRO”) and the FSA CRED’s rules, that facilitates the involvement of credit unions in the wider community and particularly, to allow lending to corporate entities.

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This will be paid into members accounts before 25th December 2011.

Merry Christmas!

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