Hornsey Co-operative Credit Union

Last updated
Hornsey Co-operative Credit Union
Founded1964
Dissolved2013 (transfer of engagements)
Type Industrial and Provident Society
Location
  • 26 Drylands Road, Hornsey, London N8 9HN

Hornsey (FIA) Co-operative Credit Union Limited was a savings and loans co-operative, established in the Municipal Borough of Hornsey, now part of the London Borough of Haringey, in 1964. One of the earliest credit unions in the United Kingdom, it merged with London Capital Credit Union in 2013.

Contents

History

Hornsey Co-operative Credit Union was set up by 10 members of the Ferme Park Baptist church unable to get credit from the banks and who were familiar with credit unions in their native Jamaica, including Bentley Hines, Blair Greaves and Basil Lewis. [1] Originally an informal savings club, it was registered in 1964, 15 years before credit unions gained legal structure in Great Britain under the Credit Unions Act 1979. [2] By the time of its first Annual General Meeting, it had grown to over 100 members.

Separately, Wimbledon Credit Union had been incorporated under the Companies Act 1948 six days earlier, however, Hornsey Co-operative was the first credit union to register under the Industrial and Provident Societies Act 1893 (56 & 57 Vict. c. 39). [3] In 1967, along with other West Indian credit unions, it formed the Credit Union League of Great Britain; this became the Association of British Credit Unions in 1984. [4] Wimbledon Credit Union was wound up in 2005, leaving Hornsey Co-operative as the oldest surviving credit union in the UK. [5]

Activities

Hornsey (FIA) Co-operative Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. [6] Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme. [7]

In 2012, with its dedicated volunteers and directors getting older, the board approached London Capital Credit Union with a view to merger. [8] The credit union had become semi-dormant, with only one active loan on the books, although it had excellent reserves. [9] In 2013, after 49 years of independent trading, the remaining 250 members of the credit union voted to transfer engagements. [10] In 2014, Elaine Greaves, daughter of one of the founding fathers, was co-opted on to the board of London Capital continuing the family's involvement in the credit union movement. [11]

See also

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References

  1. ↑ "Credit unions: financial lifeline for UK communities comes of age". the Guardian. 2014-04-05. Retrieved 2022-11-15.
  2. ↑ Jones, Rupert Credit unions: financial lifeline for UK communities comes of age The Guardian, 5 April 2014
  3. ↑ Voinea, Anca ABCUL marks the 50th anniversary of the first credit union in Britain Co-operative News, 26 March 2014
  4. ↑ 50 years of credit unions in Britain Archived 2015-02-21 at the Wayback Machine Credit Union News, Vol. 16 No. 1, Association of British Credit Unions, March 2014
  5. ↑ Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979 London Gazette, No. 57624, 26 April 2005
  6. ↑ Notice of Cancellation pursuant to section 16 of the Industrial and Provident Societies Act 1965 and section 2 (4) of the Credit Unions Act 1979 London Gazette, No. 48550 (p. 3507), 11 March 1981
  7. ↑ Your savings are protected – FSCS congratulates members celebrating 50 years of UK credit union movement Financial Services Compensation Scheme, Media Information, 22 February 2014
  8. ↑ Welcome to New Members in Hornsey London Capital Credit Union, Newsletter Issue 7, Winter/ Spring 2012/13
  9. ↑ Gruner, Peter Credit union's 18-month fight to get its £60k out of Barclays Islington Tribune, 27 February 2015
  10. ↑ Expanding Your Credit Union London Capital Credit Union, Newsletter Issue 8, Summer/ Autumn 2012/13
  11. ↑ London Capital Credit Union British Credit Union Historical Society, 2018
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