Credit Unions “A credit union is a financial co-operative owned and run by its members, that offers an accessible saving facility and affordable loans to its members.”

Credit Union Movement Worldwide - 97 Countries, 54,000 Credit Unions 178 million members £603 billion in savings UK - Leeds City Credit Union – Members Glasgow Credit Union – members Numerous employer based Credit Unions including Police, Royal Mail, British Airways

Regulation Financial Services Authority Registered and Authorised Office of Fair Trading licensed Financial Services Compensation Scheme covers 100% of all members’ savings (up to £50,000) Internally & externally audited Data Protection Registered Governance – Board & Supervisory and Credit Committees

Why Blackpool? Low pay High levels of deprivation Doorstep Lenders & Loan Sharks High Interest Lenders Lack of local Credit Union Presence Financial Inclusion Agenda Sustainable Community Strategy

Our Approach Initial Partnership of local employers Steady Growth Expanding community engagement Phase 1 - Launch to current partner staff – Jan 09 Phase 2 - Expand employer partnership – Jan 10 Phase 3 – Broaden to community – Jan 11

Progress Authorised by Financial Services Authority – Jan members Products- Member savings account - Xmas savings account - Low cost loans Initiatives- DWP Growth Fund - North West Climate Foundation - Wysemoney (Fylde Coast YMCA)

Priorities 1200 members Integration of Wysemoney initiative Increase Growth Fund contract New products Financial Inclusion Strategy

For More Information Blackpool, Fylde and Wyre Credit Union Telephone: Website: