North West London Credit Union

Not to be confused with North London Credit Union.
North West London Credit Union
Founded 1998 (Barnet Council 1996)
Dissolved 2013 (transfer of engagements)
Type Industrial and Provident Society
Location
  • 4-5 The Concourse, Grahame Park, London NW9 5XB

North West London Credit Union Limited was a savings and loans co-operative, operating in the north west London boroughs of Barnet and Brent. Based in Grahame Park, it had over 1,000 members and branches in Burnt Oak, Edgware, and Finchley. In 2013, it merged with London Capital Credit Union and the branches were closed.

History

The credit union was founded in 1998, as the Watling and Grahame Park Credit Union, by residents of the suburbs of Burnt Oak and Colindale. In 2010, it merged with Barnet Council Employees Credit Union (established 1996) and Finchley Credit Union (established 2000), changing its name the same year.[1][2]

A member of the Association of British Credit Unions Limited, registered under the Industrial and Provident Societies Acts, North West London Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme.[3]

In 2012, the directors approached London Capital Credit Union, whose origins in Islington mirrored Barnet Council Employees Credit Union, with a view to merger.[4] After 15 years independent trading, the credit union transferred engagements to its larger neighbour in 2013.[5]

See also

References

  1. ↑ Credit Union Expands The Archer, 3 February 2001
  2. ↑ Growing Interest in Finchley Credit Union The Archer, 3 April 2003
  3. ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
  4. ↑ Expanding Your Credit Union London Capital Credit Union, Newsletter Issue 8, Summer/ Autumn 2012/13
  5. ↑ Expanding Your Credit Union London Capital Credit Union, Newsletter Issue 9, Winter/ Spring 2013/14
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