Credit Unions

In recent years, there has been a significant growth in the number of those deciding to join local lending cooperatives. The ethos behind Credit Unions in striving to help surrounding communities remains a fundamental principle in the member-ownership movement. In offering ethical savings and affordable loans, Credit Unions remain vital institutions to those who rely on its services.

Despite consistent growth in membership numbers within the Credit Union sector, regrettably the number of entities facing financial and regulatory pressures continues to rise. Cork Gully can provide the following assistance:-

  • Sourcing and evaluating potential mergers with other regulated entities;
  • Assessing the commercial benefits to be gained, and recommend the most suitable way to structure a deal based on your needs and expectations;
  • In stressed and distressed situations where achieving a swift result under a highly demanding timetable is a premium consideration, our excellent relationships with the regulatory authorities means that we understand the objectives of all parties;
  • Liaison with the Prudential Regulation Authority (“PRA”) and the  Financial Conduct Authority (“FCA”);
  • Preparation of the Single Customer View (“SCV”) file by demonstrating how to efficiently navigate the database software;
  • Understanding statutory requirements and lending permissions, as per the relevant Credit Union legislation.

In the event of a regulatory default being declared our team can provide further assistance:-

  • By accepting an appointment as administrators and undertaking the subsequent liquidation process should no viable alternative be available;
  • Reassurance of working with a firm that has undertaken more formal appointments in the last 5 years than any other firm;
  • Working closely alongside the FSCS to ensure the safe return of member deposits having assisted in returning c. £33.5million to a total of 13,721 members;
  • Offering practical and financial advice to members who fall outside the FSCS compensation limit;
  • Monitoring the collection of ongoing loans, taking into account members’ circumstances and offering flexible repayment plans.

If you are seeking guidance and wish to discuss potential issues, please contact our Credit Union team via email at stephencork@corkgully.com or on +44(0)20 7268 2150.