H and F Credit Union given green light
by Hammersmith and Fulham Press Office
07/04/2008
Union authorised by Financial Services Authority
Leader of the Council, Stephen Greenhalgh is delighted at the news that H&F Credit Union has been authorised by the Financial Services Authority (FSA) to offer financial services to people who live or work in the borough.
A credit union is a cooperative financial institution that is privately owned and controlled by its members. Credit unions differ from banks and other financial institutions in that the members who have accounts in the credit union are the owners of it.
The news means that two branches will open in H&F later in the year, offering reasonably priced loans, financial services and a safe, ethical place to save that benefits the local community.
Cllr Greenhalgh said: "This is excellent news for the borough. The H&F Credit Union will mean anyone living or working in Hammersmith & Fulham can access straightforward, affordable financial services from an organisation that is managed locally, and operates on a not-for-profit basis. Credit unions should be strengthened, supported and expanded. In the UK, credit unions provide credit for only 1 per-cent of the population. And yet, there are more than 42,000 credit unions worldwide, with over 160 million members. So this is great news for our residents as Hammersmith & Fulham strives to become a Borough of Opportunity and a step towards getting the loan sharks of our estates."
The FSA, who regulate all banks, building societies and credit unions has given H&F Credit Union the thumbs up after a rigorous application procedure. It has attracted funding and support from a range of key partners in the borough, including the Council, who provided £25,000, North Fulham New Deal for Communities, Notting Hill Housing, and the Citizens Advice Bureau.
Cllr Greenhalgh added: "Hammersmith and Fulham is transforming into one of the most exciting places in the country in which to live and work. Our economy is growing, our town centres are being rejuvenated, and new businesses are setting up here at a high rate.
"However, personal debt is the most serious social problem facing ustoday. Consumer debt is at record levels. A considerable number of people in this borough suffer from serious stress and worry because of debt. The establishment of H&F Credit Union is just one more way in which we can help people to make the most of their lives."
Vincent Thomas, Chairperson of H&F Credit Union, said: "A lot of People have been working for a long time to get the credit union to this point and I am sure that it will have a great impact for many people throughout the community."
Anyone interested in finding out more about H&F Credit Union, volunteering or becoming a director can contact Eugene Waters on 020 8357 4587 or log onto the credit union website www.hfcu.co.uk
