Safeguarding your money

With Oxford Credit Union you can feel assured that your money is safe. We follow all possible procedures to make sure that you can save with peace of mind.

  • Supervisory Committee
    A group of members known as the Supervisory Committee checks that the credit union is running safely and is taking care of members’ money.
  • External Auditor
    An external auditor carries out an annual inspection of the credit union’s business.
  • Insurance Policy
    The credit union is required by law to maintain an insurance policy to protect the credit union against fraud or theft.
  • Financial Services Authority (FSA)
    Credit unions are supervised by the Financial Services Authority, just as banks and building societies. Credit unions are required to send regular reports to the FSA and the FSA is able to place restrictions on a credit union’s business if it has reason to believe that members’ savings may be at risk.
  • Financial Services Compensation Scheme (FSCS)
    Credit unions are part of the Financial Services Compensation Scheme, just as banks and building societies. The FSCS provides a final safety net if a bank, building society, or credit union should collapse. The FSCS provides 100% compensation for the first £85,000 of savings. The maximum of savings within a credit union is £10,000 per person, which means that the whole of your savings are covered.
Oxfordshire Community Foundation
Money Management Skills sponsored by OCF
 
Oxford Credit Union is authorised and regulated by the Financial Services Authority (Firm No. 723C) and licensed by the Office of Fair Trading (No. 585835).
Oxford Credit Union complies with the Money Laundering Regulations 2003 and any subsequent legislation aimed at anti-money laundering.
 
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