Name of Company: The Transport Credit Union
The Transport Credit Union is a trading name of the Scottish Transport Credit Union Ltd.
Registered Office: 186 Argyle Street, Glasgow, G2 8HA
Contact number: 0141 221 7474
Registered: 1981 under the Friendly Societies Act 1979
Regulatory authority: We are authorised and regulated by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA). FRN:213869 These ensure that the Credit Union’s democratically elected Board of Directors operate within the “Credit Union Act” and adhere to the relevant regulations, acting fairly and reasonably towards our members.
We are required to provide quarterly financial returns over and above the regulatory internal and external auditing requirements and of course report back to the owners, our members at their Annual General Meeting on the third Tuesday of every February.
Financial Services Compensation Scheme (FSCS)
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 the 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 0141 221 7474 or consult our website www.transportcu.co.uk or ask at our Head Office 186 Argyle Street Glasgow G2 8HA, or refer to the FSCS website.