Regulation
Prudential Regulation Authority & Financial Conduct Authority
Grampian Credit Union Ltd is authorised by the Prudential Regulation Authority (PRA) and Regulated by the Financial Conduct Authority (FCA) and the PRA. Firm Reference Number - 213701
We are required to send regular financial reports to the FCA & PRA and to operate under the same rules and regulations as every high street bank or building society. We make regular quarterly returns to the FCA & PRA and have our accounts audited annually. The credit union is required by law to maintain an insurance policy to protect the credit union and its members against fraud or theft. We must also keep reserves, to protect against the impact of unpaid loans or large numbers of share withdrawals.
Financial Services Compensation Scheme
Important information about compensation arrangements
We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.
In respect of deposits, an eligible depositor is entitled to claim up to £85,000 for protected deposits. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 for protected deposits each (making a total of £170,000). The £85,000 maximum payment for protected deposits limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.
For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website http://www.fscs.org.ukor call 0800 678 1100
Financial Ombudsman Service
The Financial Ombudsman Service has been set up by law to help settle individual disputes between consumers and financial firms.
The Financial Ombudsman Service will only look at complaints if the firm has had the opportunity to investigate the complaint first and provide a response.
If you are not happy with a final response given to a complaint or if no final response has been provided within an 8-week period from the date of initial complaint, you are eligible to contact the Financial Ombudsman Service and request that they investigate the matter on your behalf. No charge will be made for this and any decisions made will be binding on the financial institution concerned. Further information on the Financial Ombudsman Service can be found at www.financial-ombudsman.org.uk
