Police Credit Union

Last updated
Police Credit Union
Credit union
Industry Financial services
Founded1986; 34 years ago
HeadquartersGuardians House, 2111 Coventry Road, Sheldon, Birmingham, B26 3EA
Area served
United Kingdom
Key people
  • Nigel Rabbitts (Chairman)
  • Paul Norgrove (CEO)
Products Savings, Loans
Total assets £73 million (Q4, 2020)
Members33,308 (Q4, 2020)
Website www.policecu.co.uk OOjs UI icon edit-ltr-progressive.svg

Police Credit Union (Police CU) is a credit union headquartered in Birmingham, England. Police Credit Union operates under the terms of the Co-operatives and Community Benefit Act Societies 2014 and the Credit Union Act 1979. It is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Police CU is also a member of the Association of British Credit Unions Limited (ABCUL). As of 30 September 2020, Police CU has over £63.4 million in assets, and 33,308 members, making it the largest credit union within ABCUL.

History

Police CU was originally formed in 1986 as West Midlands Police Credit Union. The credit union was established by several employees from the West Midlands Police force. West Midlands Police Credit Union later became known as Mid West Police Credit Union in 1997, before adopting the name Police Credit Union in 2003. Merseyside Police Credit Union (established 1988) and Money Mate Credit Union (established 1997 and known as Avon and Somerset Constabulary Credit Union until 1999) transferred engagements to Police Credit Union in 2003, followed by Northumbria Police Credit Union (established 1988) and Devon and Cornwall Constabulary Credit Union (established 1990) in 2004.

In 2012, Police CU expanded its membership to include all personnel working for the Prison Service and Probation Service. This made prison service officers, senior officers in prison and related service and probation officers eligible to join the credit union.

In 2015, Police CU opened its membership further, to include the British Armed Forces. With the support of the Ministry of Defence (United Kingdom), it began to provide financial services to members of the Royal Navy, British Army and the Royal Air Force, including: Service personnel Reservists and Veterans.

Police CU runs a payroll deduction scheme in conjunction with a number of providers to facilitate monthly salary deductions, with various police forces involved, including Avon and Somerset Police, Cleveland Police, Devon and Cornwall Police, Hertfordshire Police, Merseyside Police, Northumbria Police, West Midlands Police, and the Metropolitan Police.


Membership

As with all credit unions, membership to Serve and Protect Credit Union is limited to individuals sharing the criteria set within its common bond. Admission to membership of Serve and Protect Credit Union is restricted to:

Organisation

Police CU is a tailored brand under the Serve and Protect Credit Union umbrella. Serve and Protect Credit Union are owned and ran by its members. Its Board of Directors are made up of volunteers who are members of the credit union and are elected by other members. The Board of Directors set the company's strategy and vision.

Credit unions reward the saving of their members in the form of a dividend at the end of each financial year at the end of September. Credit unions do not pay interest to their members, they pay a dividend, and at the Annual General Meeting the company's financial position is analysed and the dividend which will be paid to their members is decided.

See also

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