Association of British Credit Unions (ABCUL) is one of the 14 trade associations who are members of Joint Money Laundering Steering Group (JMLSG). ABCUL is a society registered under the Co-operative and Community Benefits Societies Act 2014 with registration No 23136R.
The Trade Association is governed by elected Board of Directors. These Board of Directors are members of the Trade Association.
ABCUL represents 61% of affiliated Credit Unions across Great Britain. They are known as a Co-operative of Co-operatives
What are Credit Unions?
A credit union is a financial co-operative which provides savings, loans and a range of services to its members. It is owned and controlled by the members.
Credit Unions are governed by regulations such as Credit Unions Act 1979, Co-operative and Community Benefit Societies Act 2014, Credit Unions (Northern Ireland) Order 1985 and Co-operative and Community benefit Societies Act (Norther Ireland) 1969.
This is member run organisation. Members are in control of their finances and always have a say in how the organisation is run.
They serve their members by developing products and services to meet the financial needs of the members.
Credit Unions provide affordability for members. Members can decide to save any amount within the range of savings products provided by the Credit Union. Their offers do not end with savings, they offer loans products at affordable rates to the members.
According to the Credit Union quarterly report of November 2022 on bank of England website, Credit Unions have a record of over 2.15 million members comprising of 1.94 million adults and 0.21 million juveniles.