Regulations

Financial Services Compensation Scheme (FSCS)

First for Money is 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 £75,000. 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 £75,000 each (making a total of £150,000) The £75,000 limit relates to 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 0191 454 7677 or ask at our central office, refer to the FSCS website or call 0800 678 1100.

Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA)

All UK credit unions are authorised by the Prudential Regulation Authority (PRA) and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority. The FCA and the PRA  supervise us to ensure we are meeting our regulatory requirements. Our Firm Reference Number (FRN) is 213469 and you can see us on the Financial Services Register.