Credit Union Regulation and Reporting

Within the UK, credit unions are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority.

Credit unions are also members of the Financial Services Compensation Scheme (FSCS) and the Financial Ombudsman Service (FOS).

Prudential Regulation Authority and Financial Conduct Authority

Credit Unions in the UK are authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. These are the same regulators which supervise the banks and building societies. Regulation requires Credit Unions to submit regular financial reports and to meet strict requirements and rules. Key members of staff and elected volunteers involved in the running of the Credit Union must be approved by our regulators.


A professionally qualified external auditor carries out an annual inspection of the credit union's business and reports to the membership at the Annual General Meeting each year.

MBCU also has a Compliance Officer who is in regular contact with the FCA and the Board of Directors and is responsible for ensuring that all necessary policies and procedures are up to date and effective.

Annual accounts

MBCU produces audited financial statements on an annual basis.


Credit unions are required by law to maintain an insurance policy to protect the Credit Union and its members against fraud or theft. MBCU carries insurance cover in excess of £1.1 million against deliberate and wilful acts of dishonesty by any of its officers. This, in insurance circles, is generally considered to be cover vastly in excess of any potential liability, providing members with reassurance that their savings are not at risk from fraud or theft.

Financial Services Compensation Scheme

MBCU is covered by the Financial Services Compensation Scheme. This provides a safety net should a bank, building society or credit union collapse.

Important Information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small businesses - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 0845 634 7634 or ask at your local branch, refer to the FSCS website or call 0800 678 1100.

Financial Ombudsman Service

Providing the highest levels of member service is of utmost importance to us and we welcome feedback from our members at any time. In the event that a member is dissatisfied with any aspect of our service, we will endeavour to resolve the complaint as effectively and efficiently as possible.

We have an internal complaints procedure to help resolve any issues or concerns. In the event that our members have a complaint that Scotwest is not able to resolve, members can forward it to the Financial Ombudsman Service, within 6 months of the Credit Union's final response letter.

The Financial Ombudsman Service (FOS) has been set up by law to help settle individual disputes between consumers and financial firms.

The FOS will only look at complaints if the firm has had the opportunity to investigate the complaint first and provide a response.

If you are not happy with a final response given to a complaint or if no final response has been provided within an 8 week period from the date of initial complaint, you are the eligible to contact the Financial Ombudsman Service and request they investigate the matter on your behalf. No charge will be made for this and any decisions made will be binding on the financial institution concerned.

More Information Further information on the Financial Ombudsman Service can be found at:








Our intention is to get things right the first time, but if we don’t, please let us know.  We hope that you will not have cause to complain about our services, but if you do we have a complaints procedure.

Our complaints policy ensures that all complaints are dealt with as quickly and professionally as possible.   It is important to us that our members are completely satisfied with our service, and if you should contact us we will investigate and reply as quickly as possible.

All complaints are dealt with by our complaints officer and reported to the CEO, and all complaints are forwarded to the Financial Conduct Authority regularly.

Any complaints received are looked at and improvements made to our services where necessary.  Money Box Credit Union undertakes to meet all of its obligations as set out by the Financial Conduct Authority, and we are members of the Financial Ombudsman Scheme.

You can make a complaint in person, by phone, a letter or email.  If you need help in writing out the complaint we will help with that too.

Your first step to making a complaint

Contact the Money Box Credit Union office and explain that you have a concern and that you wish to make a complaint.  The staff will take all of the details and see if the issue can be resolved that day.  If this is not possible the staff will ask you to put your complaint in writing to our complaints officer, if you require help with this just ask the team and they will help you.

Tips on making a written complaint
  • Include your full name address and membership number at the top of the letter.
  • Also include the date you have made the complaint at the top of the letter, this will help you keep a record of how long it takes before you receive a response.
  • Write a brief summary of your complaint at the beginning of the letter.
  • List the facts clearly and in order.
  • Send us photocopies of all documents that you feel are relevant to the complaint; please make sure that you keep the originals.
  • And finally take a copy of the letter you are sending to us for your records.

If you are still unhappy

In the majority of cases, complaints can be resolved quickly and to everyone’s satisfaction.  Money Box Credit Union complaints officer has special responsibility for dealing with complaints from members.  The officer will undertake an independent review of your behalf and provide you with a written response. 

If the complaint has been taken through the credit union’s internal complaints procedure and you are dissatisfied with the final response, you can take your complaint to the Financial Ombudsman Service. 

The Financial Ombudsman Service

Where to go for information. Contact them by phone Monday to Friday 8am to 8pm or Saturday  9am to 1pm on 0800 023 4567 free from a land line but charges may apply if you call from your mobile.  You can also contact the main switchboard on 020 7964 1000 or write to them at:
The Financial Ombudsman Service,
Exchange Tower,
London E14 9SR

If you need to complain leaflet.pdf

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