East London Credit Union

East London Credit Union Limited was a not-for-profit member-owned financial co-operative, based in Walthamstow and operating in the east London boroughs of Waltham Forest, Enfield, Haringey, Hackney, Newham, Redbridge and the Epping Forest district of Essex. All members of the credit union are instant savers; different loans are provided depending on individual circumstances.

Not to be confused with Eastern Savings and Loans.

East London Credit Union
Founded2003
TypeIndustrial and Provident Society
Location
Websiteelcu.co.uk


It went into administration on 11 September 2019; the Credit Union is no longer able to offer any accounts to members and the Financial Services Compensation Scheme ("FSCS") declared the Credit Union in default on 11 September 2019.

Waltham Forest Community Credit Union (not to be confused with the separate Waltham Forest Council Employees Credit Union) was formed in 2003. It became East London Community Credit Union in 2012, before adopting the current name in 2015.

A member of the Association of British Credit Unions Limited,[1] registered under the Industrial and Provident Societies Acts, East London Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA. Ultimately, like the banks and building societies, members' savings are protected against business failure by the Financial Services Compensation Scheme.[2]

See also

References
  1. Credit unions in membership of ABCUL Archived 2015-01-03 at the Wayback Machine Association of British Credit Unions (retrieved 1 November 2014)
  2. Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
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