Your Credit Union receives final approval
After a development process of almost two years, we're delighted to confirm that the Octavia Foundation backed 'Your Credit Union, Kensington & Chelsea', has received final approval from the Financial Services Authority (FSA).
The credit union's board of directors received final approval from the FSA last week, making Your Credit Union, Kensington & Chelsea one of the first to be approved under new governing regulations that relax the rules that restricted customers to residents of a single borough. It will offer community-minded residents of RBKC and neighbouring areas – the chance to invest money for social good, unlocking affordable financial services for people who may otherwise be unable to access mainstream banking.
This new credit union for Kensington and Chelsea was pioneered by a feasability study commissioned and funded by the Octavia Foundation, and has the backing of all significant local stakeholders.
The credit union is due to launch in 2013. For more information and to register your interest, visit www.yourcu.co.uk