We have been providing services to the Credit Union industry for over five years and we have assisted 15 Credit Unions with their wind down plans.
Our team
Our dedicated Credit Union assignments team are able to draw on other resources across the firm and the services of specialist consultants, selected from previous assignments, to assist with the wind down plan should there be a need.
We are not geographically constrained, and assignments have been carried out in England, Scotland and Wales.
Working with the regulators
In every assignment we work closely with the Prudential Regulation Authority (PRA), Bank of England, Financial Conduct Authority (FCA) and Financial Services Compensation Scheme (FSCS) to ensure member compensation is expedited and effective and are a recommended provider of these services by the regulators.
We also work closely with a number of other Government agencies and regulators in restructuring assignments where there is an overriding need to protect vulnerable members of society.
Our approach
Our approach is hands on and we work closely with the Board, employees, volunteers and the regulators to ensure all concerns are addressed and desired outcomes harmonised.
In any pre-administration period this would involve attending premises to carry out the necessary due diligence and ensure the credit union’s single customer view file is in order to facilitate early compensation to members when the regulators determine default. In preparation for the administration and subsequent periods members of our team will be on site in advance to ensure member queries and concerns are allayed and compensation and re-banking requirements are effectively addressed.
A key part of this work is liaising with members who are wholly reliant on the credit union for their day to day living and assisting with sourcing alternative banking arrangements and ensuring their benefits and monies can be accessed without delay. We liaise with charities, local councils and benefits offices to facilitate this.
Typically, we work alongside volunteers and Credit Union employees following administration as their knowledge of the particular circumstances of the Credit Union and the community are invaluable and assist in the delivery of the agreed strategy.
