Personal Information and Your Identity

"Protecting Members"

Important information about compensation arrangements

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 £50,000. 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 £50,000 each (making a total of £100,000). The £50,000 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 ask at your local branch, refer to the FSCS website http://www.fscs.org.uk/ or call 0800 678 1100.

Regulation

In the UK, Credit Unions are regulated by the Financial Services Authority (FSA). This is the same Regulator which supervises banks and building societies. FSA regulation requires Credit Unions to submit regular financial reports to the FSA and to meet strict FSA requirements and rules. If the FSA has reason to believe that members’ savings may be at risk it is able to place additional restrictions on a Credit Union’s business.

TCU’s FSA registration number is 213550 and our details appear on the FSA Register. 

Personal Information and Your Identity

When opening an account with Thorne Credit Union and when applying for a loan, members will be asked to provide certified copies of documents which identify the person and confirm their address.

This information is required to protect the individual member and comply with money laundering regulations, which are designed to help financial institutions identify criminals who might use financial services to launder funds obtained by criminal activity.

As well as our legal responsibility to check identity we would encourage members to protect themselves through ensuring for example that they:

• Never disclose personal details to an unknown source.
• Dispose of personal documents such as bills and statements carefully.
• Never respond to emails or telephone calls asking you to divulge or update your security codes on accounts.
• Set up password on your accounts but never divulge password or PIN ( personal identification numbers) to third parties.

To Confirm your Name we require one of the following

• Passport
• Photo Driving Licence
• Fire Arms Certificate
• Notice of Tax Coding
• Pension Book

To Confirm your Address we require one of the following

• Utility Bill
• Council Tax Bill
• Bank or Credit Card Statement
• Mail Order Statement