Our Services
What views does the national body hold about credit unions and the services they require?
ACE’s views are:
- That credit unions are businesses and must operate in accordance with sound business practices. However, credit unions are also social and mutual organisations that take into account their members’ needs, particularly those who are financially excluded.
- That credit unions are companies and are entitled to be given choices and unbiased advice about selection of insurance provision, computer software, banking etc.
- That the size of the credit union is not its most important characteristic – rather the quality of the services it provides for its members and its ability to be in touch with, and respond to, members needs.
- That training and support should be provided as far as possible on site or within reasonable distance of where the credit union is situated.
- That the costs of training and support should be kept as low as possible.
- That credit unions need to be confident that the national body will fairly represent their views with the Government and regulator and campaign for a regulatory regime that is appropriate, but not unnecessarily bureaucratic.
ACE’s Services Support and Advice
We aim to offer a high standard of support and training and to provide stationery etc. on a low cost ‘no frills’ basis, so that credit unions are able to access the services they need.
We can provide either a full training package for study groups to take them through to registration, including the pre-registration visit, or training for established credit unions.
With regard to affiliation to ACE, we were aware that some credit unions resent paying large affiliation fees for services they felt they either did not need, or did not receive! We therefore charge low affiliation fees at 40p per member per year due each January for a basic, specified service and charge for training separately, as required. Steering Groups are charged £1 per annum until the credit union is registered.
ACE meets regularly with the other national credit union organisations and aims to work co-operatively with them on the key issues facing credit unions.
At present we have 45 credit unions/study groups affiliated to ACE situated in Cumbria, Devon, Durham, Gloucestershire, Kent, Lancashire, Oxfordshire, Scotland, Tyne & Wear, Wales, Wiltshire, Yorkshire, and Jersey. We are particularly interested in working with small credit unions, although we also have some large workplace credit unions affiliated to ACE.
We support organisations such as Church Action on Poverty and Debt on the Doorstep, reflecting our concern not only about credit unions, but for people who are struggling on low incomes or who have large debts.
What training and support is available?
ACE trainers have qualifications, skills and experience both in training methods and in operating credit unions. They have provided training to over 70 credit unions of varying sizes and common bonds through to registration. Preparation for the pre-registration visit is included in the training. Once a credit union is registered further support is available to help in the early stages of development.
ACE has also developed its own unique training materials based on the trainers’ experience of working with credit unions. It helps that ACE trainers are directly involved in the running of workplace and community credit unions which ensures that our training is up to date, practical and relevant.
Credit Unions are regulated by the Financial Services Authority and every credit union must have a business plan, a comprehensive manual of policies and procedures and comply with reporting requirements. Credit Unions affiliated to ACE are provided with a set of model policies, procedures and job descriptions, with the necessary training to enable them to adapt these to their own circumstance. These are regularly updated so that credit unions can be sure they keep abreast of regulatory requirements. This is necessary as the regulations are subject to change.
Training is provided either at a credit union’s own base, or at workshops in various parts of the country - Scotland, Wales, Cumbria, Tyne & Wear, Yorkshire, the South West and the South East.
Training fees vary according to what study groups and credit unions can afford, although training materials, travel and expenses must be covered.
Does the national body have Model Rules?
ACE has registered Model Rules governing all aspects of running a credit union. If a credit union changes its affiliation to another trade organisation, it can apply to the FSA to adopt the new trade organisation’s model rules, or it can continue to operate on its existing model rules.
The FSA has developed a set of regulations called ‘CRED’ that credit unions are required to follow, in addition to model rules, which are primarily concerned with constitutional matters.
What Credit Union Computer software is recommended?
ACE recommends the Conaccess system on the basis of cost and on-going support. ACE provides training in the operation of this system. Advice is available on some of the other systems on the market, contact:
Bill Johnstone
Tel: 01943 855717 / 855718
Fax: 01943 855719
Mobile: 077 789 34125
E-mail: conaccess@compuserve.com
Web site: www.conaccess.co.uk
Please note:
ACE recommends this service because we feel that the service is of a high standard at reasonable costs. ACE does not act as a broker nor receive any commission.
What provision is there for insurance cover for the Fidelity Bond, Shares and Loans?
ACE recommends insurance cover provided by Credit Union Consultants Ltd. and a booklet explaining their policy and costs is available. However, credit unions are free to make their own arrangements, if they wish. All credit unions are required by law to have Fidelity Bond insurance. Shares and Loans Insurance is optional, but is of great benefit to credit union members.
Credit Union Consultants Ltd.
Registered office: 45 Milton Terrace, North Shields NE29 OPB
Office: 1, Trevor Terrace, North Shields, NE30 2DG
Tel: 0191 258 3838 Mobile: 07799 451458
Fax: 0191 258 3841
E-mail: info@cuinsurance.co.uk
website: http://www.cuinsurance.co.uk
Please note:
ACE recommends this service because we feel that the service is of a high standard at reasonable costs. ACE does not act as a broker nor receive any commission.
What banking services are recommended?
ACE recommends Unity Trust Bank which specialises in providing banking services to trade unions and credit unions. It has a 30 day group deposit account which gives a good return on investments. The Unity Trust Bank operate a Credit Union Development Fund which makes grants to credit unions and study groups which have an account with Unity Trust Bank. Contact:
Unity Trust Bank plc
Nine Brindleyplace
4 Oozells Square
Birmingham
B1 2HB
Tel: 0121 616 4114
Fax: 0121 631 2365
Website: www.unity.uk.com
Please note:
ACE recommends this service because we feel that the service is of a high standard at reasonable costs. ACE does not act as a broker nor receive any commission.
