Integrity and Accountability
The credit union strives to maintain the integrity of elected individuals, staff and the credit union as a financial provider and an ethical co-operative business and in doing so aims to maintain accountability to all of its stakeholders.
Service to Members
Credit Unions are member-owned democratic organisations and must ensure that members are made aware of the services available to them and their rights and responsibilities as member owners of the credit union. The Board and senior management will ensure that the credit union provides an efficient and relevant service to members, including an appropriate range of financial services, membership development and communication strategies plus a commitment to upholding the values of the Objects and Social Goals of the credit union as outlined in credit union rules.
This means that….
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12 |
The credit union will provide a leaflet to members that outlines the complaints procedure and the credit union’s membership of the Financial Ombudsman Service. REQ |
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13 |
The Board supports the principles and practises of the FSA’s Treating Customers Fairly initiative and the Banking Code where appropriate and strives to comply with those elements of those initiatives relevant to the credit union. REQ |
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14 |
The Board will conduct an annual survey of membership to ascertain the level of satisfaction with credit union services. GOLD |
Professional Integrity
The Board, Supervisory Committee and senior management will act at all times in the interest of the credit union by complying with legal duties and behavioural standards, avoiding conflicts of interest and acting honestly and in good faith. All elected officers, employees and volunteers act at all times in the best interests of the credit union and do not seek personal gain from their involvement in the credit union.
This means that…
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15 |
The credit union provides a standard code of conduct for all elected members, employees and volunteers; outlining what is proper and improper behaviour. REQ |
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16 |
The Board, Supervisory Committee and senior management have policies and practices in place ensure that all those involved in positions of influence within the credit union are fit and proper persons as defined by the FSA Approved Persons Regime. REQ |
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17 |
All elected officers, volunteers and employees of the credit union have signed a confidentiality agreement. REQ |
Transparency
The Board will maintain a formal and transparent strategy for engaging its key stakeholders in the decisions and development of the credit union as a business and a co-operative organisation.
This means that...
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18 |
The Board will produce at least an Annual Report on the business and financial performance and position of the credit union and distribute the report to as wide an audience as is possible. REQ |
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19 |
The Board strives to be rigorous and transparent in ensuring that decisions taken on behalf of the credit union are informed, objective and in the best interest of the members. Whilst the minutes of the Board remain confidential to the general membership, the credit union will comply with all reasonable outside requests for information. The Board will review the openness of the credit union’s arrangements on a regular basis. REQ |
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20 |
The Board will conduct a regular review of who the key stakeholders in the credit union are and how their needs are to be met. GOLD |
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21 |
The credit union has in place a fair system for dealing internally with accusations from whistle blowers so that honest individuals do not feel threatened when making an allegation. Employees and volunteers are made aware of these procedures. GOLD |
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22 |
The Board of the credit union is aware of and upholds the values of the objects and social goals of the credit union. REQ |
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23 |
The Board will appoint one or more of its number to oversee the credit union’s implementation of the Code of Governance for Credit Unions and will produce an annual statement outlining it’s implementation of each of the recommendations in the Code and make this statement available to members within it’s Annual Report. GOLD |
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24 |
The Board recognises that the activities of the credit union have direct and indirect impact on the community in which it operates and will endeavour to manage these in a responsible manner, believing that sound and demonstrable performance in relation to corporate social responsibility policies and practices is a fundamental part of the co-operative identity of the credit union. To that end the Board has put in place a comprehensive policy aimed at reducing any negative impact on the environment and the community as a result of its activities. GOLD |
