Setting up a Credit Union

Credit unions are financial organisations which instead of being owned by shareholders are owned and controlled by their members. There are approximately 450 Credit Unions operating in the United Kingdom.

If you want to set up your own credit union there is a lot to consider – many credit unions are focused on community development and other local issues, but all have to comply with complex regulations.

Call us now on 0345 872 6666 to speak to an experienced solicitor about your situation. JMW is a leading authority on credit unions and other lending services outside London.

Credit unions – the difference

The different focus of credit unions compared to banks and building societies is reflected in the terminology used – savings accounts are often called share accounts for instance.

Services offered by credit unions are generally in the same vein as banks, however, including:

  • Accounts (with usual features – direct debits, standing orders)
  • Credit cards
  • Loans

Most credit unions will not offer insurance, but may have advisors from the insurance sector who are available to talk to customers looking for help choosing a deal.
Credit unions are regulated by the FSA.

Contact us

Looking to start your own credit union? Then you need to speak to a solicitor. Call us today on 0345 872 6666 for a no obligation discussion about your plans.

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