A credit union is a financial co-operative that is owned and run by its members. They encourage saving, lend at competitive rates and provide other financial services to their members.
The Prudential Regulation Authority (PRA) is the lead regulator for credit unions – they are responsible for the authorisation process and you should submit your application to them.
Although we are responsible for the registration process, your credit union also need to be registered under the Credit Unions Act.
The PRA also has guidance on its expectations.
Things to consider
Credit unions can only offer their services to members who meet their 'common bond' criteria - this could be things like living/working in a certain area, belonging to a particular organisation, or working for a certain company.
Credit unions share their profits to members in dividends, meaning the money stays in the community or within the common bond.
Find out more about how to register with the PRA's reporting forms and guidance.