Governance & Regulation
Manchester Credit Union is governed by volunteer Board of Directors, who are elected by the membership at the Annual General Meeting. In addition to the board we also have a Finance and Governance Committee and Credit Committee. These committees are made up of directors to oversee specific aspects of Governance and accountability.
All Directors and senior managers are individually approved by the PRA & FCA as ‘fit and proper’.
Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)
Manchester Credit Union, in common with all UK Credit Unions, is authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. Our Firm Reference Number (FRN) is 213400.
We use professionally qualified internal auditors who work in conjunction with our Finance and Governance Committee to plan and carry out an annual audit plan. This is to provide assurance that our internal control processes are adequate and that they are working effectively.
We also have External Auditors, currently Alexander Sloan Ltd, who perform an annual inspection of the credit union’s business and report to the members at the Annual General Meeting each year.