|
|
 |
| SECURING YOUR SAVINGS |
|
- FREE LIFE SAVINGS INSURANCE COULD MEAN YOUR MONEY IS DOUBLED OR TRIPLED* SO THAT YOUR NEXT OF KIN RECEIVES SUBSTANTIALLY MORE THAN YOU ACTUALLY SAVED
- FREE LOAN INSURANCE ALSO PAYS OFF ALL LOANS UP TO £5,000* IN THE VENT OF THE DEATH OF A MEMBER
- A GROUP OF MEMBERS KNOWN AS THE SUPERVISORY COMMITTEE CHECKS THAT THE cu IS RUNNING SAFELY AND TAKING CARE OF MEMBERS MONEY
- AN AUDITOR CARRIES OUT AN ANNUAL INSPECTION OF THE CREDIT UNION BUSINESS
- THE CU IS REQUIRED BY LAW TO MAINTAIN AN INSURANCE POLICY TO PROTECT THE CU AGAINST FRAUD OR THEFT
- THE CU IS SUPERVISED BY THE FINANCIAL SERVICES AUTHORITY AND MUST SEND OFF REGULAR REPORTS. THE FSA COULD PLACE RESTRICTIONS ON A CREDIT UNION’S BUSINESS IF IT HAS REASON TO BELIEVE THAT MEMBERS SAVINGS ARE AT RISK
- FINALLY THE FINANCIAL SERVICES COMPENSATION SCHEME PROVIDES A FINAL SAFETY NET IF A BANK, BUILDING SOCIETY OR CREDIT UNION SHOULD COLLAPSE. IF THE WORST SHOULD HAPPEN, THE FINANCIAL SERVIVES COMPENSATION SCHEME IS ABLE TO PROVIDE COMPENSATION, TO ENSURE YOU DO NOT LOSE ALL YOUR SAVINGS. THE SCHEME PROVIDES THE FOLLOWING LEVELS OF COMPENSATION ON SAVINGS: 100% COMPENSATION FOR THE FIRST £2,000 OF SAVINGS 90% COMPENSATION FOR THE NEXT £33,000 OF SAVINGS
|
|
