Governance

As a financial cooperative, LMCU is based on the principles of the International Cooperative Alliance that are also adopted by World Council of Credit Unions. Our members are our owners and we recognise that the strength of our credit union depends on the strength and quality of the relationship we have with our members. This is why the credit union has voluntarily adopted the Governance Code that was launched by ABCUL in November 2008.

THE COMMON BOND & MEMBERSHIP

London Mutual Credit Union is London Mutual Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority (FRN 213248) & is:

  • Operating under the Industrial and Provident Society
  • A Member of the Association of British Credit Unions Ltd
  • Member of the Financial Services Compensation Scheme
  • A Member of the Financial Ombudsman Service
  • A Member of the Building Societies Association

Membership is open to anyone who lives or works or volunteers in the London Boroughs of Southwark, Lambeth, Westminster or Camden, serving member of British Armed Forces and all worshippers of the New Testament Church of God.

Balance Sheet highlights:

2013 2014 2015
Membership 18,944 20,918 23,679
Junior Savers 1,761 1,707 2,058
Savings £10,001,435 £12,161,268 £17,810,154
Loans £10,267,932 £11,992,409 £12,390,715
Assets £15,563,838 £18,940,543 £21,218,111

CAPITAL AND LIQUIDITY RATIOS – 30TH SEPTEMBER 2014

Actual Regulatory Requirement
Liquidity Ratio 118.8% 10%
Capital Ratio 13.3% 8%

LONDON MUTUAL- CODE OF GOVERNANCE – TOTAL SCORE AS AT FEBRUARY 2015

Principles of the Code Required Standards Achieved % Gold Standards Achieved %
Compliance & Continuity 8 from 8 100 2.75 from 3 91.7
Integrity & Accountability 7.5 from 8 93.8 5 from 5 100
Skills & Ability 6 from 6 100 2 from 3 66.7
Structure and Good Governance 8 from 8 100 3.5 from 4 87.5
TOTALS 29.5 from 30 98.3 13.25 from 15 88.33