Tel: 0151 489 0402 Fax: 0151 482 4870
FSCS
New disclosure requirement about the Financial Services Compensation Scheme (FSCS)
From 1st January 2010 credit unions must notify their members that they are covered by the FSCS. The notification should be through the most appropriate means and must use wording prescribed by the FSA as follows:
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 £50,000. For joint For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website If your credit union operates under a trading name this must be disclosed in communications with the depositor and also in general areas such as your website. If you operate under more than one trading name this must also be disclosed to ensure your members understand that compensation is paid out per eligible depositor, per authorised deposit taker.
Credit unions must provide this information every 6 months via the most appropriate means, so:
If you issue paper statements - the information should be included on the account statement If you provide passbook or accounts that do not receive regular statements – the information can be issued annually and should be a separate leaflet sent with other annual mailings.
FSA one minute guide is available here
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 £50,000 each (making a total of £100,000). The £50,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account.
If you operate internet based accounts – the information should be a pop-up box or an email
Lottery Winners
TOTAL PRIZES THIS MONTH £3000.00
TOTAL PAY OUT SINCE OCTOBER 2009 - £12,600.00
LOTTERY WINNERS
THE DRAW TOOK PLACE AT STAGECOACH PRINCESS ROAD
AT 15:00 ON 25th January 2010
| PRIZES | WINNING No | MEMBER NAME | LOCATION | |
| 1st | £1,000.00 | 240414 |
C Swann |
Direct Debit |
| 2nd | £500.00 |
071211 |
I Provin | Thamesdown |
| 3rd | £250.00 | 080307 | T.Morris | 1st PMT |
| 4th | £150.00 | 060701 | A.Schofield | S/C Manchester |
| 5th | £100.00 | 150302 | D Halpin | Direct Debit |
| 6th | £100.00 | 131513 | S.Astley | Warrington Transport |
| 7th | £100.00 | 260510 | A.Fox | Manchester Aiport |
| 8th | £100.00 | 110610 | J.Smith | Arriva Shires |
| 9th | £100.00 | 120604 | J.Collinson | Rossendale Transport |
| 10th | £100.00 | 010206 | R.Stephen | S/C Nothwest |
| 11th | £100.00 | 150507 | P Dunkley | S/C Manchester |
| 12th | £100.00 | 080904 | A.Woodall | Direct Debit |
| 13th | £100.00 | 190315 | H.Clarke | Travel West Midlands |
| 14th | £100.00 | 150208 | M McDade | Lancashire United |
| 15th | £100.00 | 181402 | D.Owen | S/C Manchester |
NUMBERS DRAWN BY
Karen Singleton (Banking Services Officer)
Next draw will take place 22nd February 2010
ALL WINNERS WILL BE NOTIFIED BY POST
Loans update
Voyager Alliance operate under ’sensible lending’ guidelines, with all loan applications being carefully considered. Following recommendations from our advisor’s members applying for loans are now required to provide copies of:
Latest News - Financial Compensation Scheme
Deposit compensation limit has been increased to £50,000
The Financial Services Authority today announced a change to our rules that will see compensation limits for deposits increased to 100% of the first £50,000. This will affect claims relating to companies that go into default from 1 October 2007.
This increase means that, should a bank, building society or credit union go into default from 1 October 2007, we will be able to pay compensation to 100% of the first £35,000 per person. Our arrangements for joint accounts and for people who hold accounts with more than one bank stay the same.
Independent Financial Advice
Independent
Financial Advice for members of
Voyager Alliance Credit Union.
One of the many services we provide for our valued members.
Tracey, Paul, Richard and Jason of Pace Financial Management are Independent Financial Advisers and have been working with VACU for the last 7 years. Providing free ‘no obligation’ advice to members of our credit union. All areas of financial advice covered and include:
· Mortgages
· First time buyer mortgages
· Re-mortgages to raise capital or for a better rate
· Council house ‘Right to Buy’ mortgages
· Secured loans for £10,000 or more (home owners only)
· Life cover / Family Protection
· Critical illness cover
· Income Replacement (including accident, sickness & unemployment)
· Car insurance *
· Vehicle Breakdown Cover *
· House and Contents Insurance *
· Travel Insurance *
* = For your VACU special rate call Kelly direct on 0114 2390555 for an instant quote which can be paid through your VACU account. (Don’t forget to quote your VACU number)
· Retirement Planning
· Pension provision and options
· Accessing your pension fund before retirement (if scheme allows)
· Will writing
· Investments
Whatever your query please feel free to call Tracey on
Freephone: 0800-2800-531 email: pace_fm_tracey@hotmail.co.uk OR
Pace Financial Management office on Freephone: 0800-8407-120 and ask for Jason, Richard or Paul
Make the most of this invaluable service – contact Tracey today.
FSA Regulation
In order to comply with regulations issued by our governing body the Financial Services Authority, we are obliged to periodically check the details we hold on our members. To enable us to do this many of you will have already received a members details form. We are using the information provided on these to keep our records as up to date as possibe.
Please rest assured that you are protected under the Date Protection Act for any information our Credit Union holds on you.
Please send any completed forms and copies of ID to our registered office or via your respresentative.
