Fair returns to savers, fair interest rates on loans and the aspiration to be a flagship credit union are among the aims of the Churches’ Mutual Credit Union Ltd (CMCU) which has received formal authorisation from the regulatory authorities today. This has been a rigorous process undertaken by the Financial Conduct Authority and the Prudential Regulation Authority. CMCU plans to begin to offer its services to those eligible for membership from February 2015.
CMCU has been formed for and with the help of the Church of England, the Methodist Church of Great Britain, the Church of Scotland, the Scottish Episcopal Church and the Church in Wales. CMCU President, Canon Antony MacRow-Wood, said, “I am delighted at the news of authorisation. CMCU will help many, even in its first year of operation and, in due course, it should become a significant financial resource to the church and individuals throughout England, Wales and Scotland. CMCU will enable a virtuous re-cycling of money within the church community, through a combined portfolio of savings and loan products.”