Plane Saver Credit Union
| Founded | 1997 (1993) |
|---|---|
| Type | Industrial and Provident Society |
| Location |
|
| Website | planesavercu.co.uk |
Plane Saver Credit Union Limited is a not-for-profit member-owned financial co-operative, based at London Heathrow Airport and operating throughout the United Kingdom. A member of the Association of British Credit Unions Limited,[1] it has 8,500 members and assets of £33m.
History
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The credit union was known as British Airways (UK) Employees Credit Union from its foundation in 1993, until 1997, when it widened its scope to include employees of UK based CAA registered airlines and their associated companies.[2] It is currently the fourth largest credit union in the UK.
Activities
The members of a credit union are required to share a common bond. In 2010, Plane Saver Credit Union further extended its common bond to those employed in, or associated with, the airline and transport industry, logistics, engineering, police, fire and ambulance services or the armed forces.[3]
In a move backed by the Minister of State for Defence Personnel, Welfare and Veterans in 2014, the chair of the Co-operative Party called for the creation of a credit union aimed at military families. As members of the armed forces are already eligible to join, it was reported that Plane Saver was ready to assist in the creation of a military credit union, providing there could be payroll deduction.[4]
Plane Saver Credit Union was first UK adopter of payment waiver in 2014. Under the scheme, if a borrower cannot work due to sickness or unemployment, payments are immediately waived.[5][6][7] The credit union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the PRA. Ultimately, like the banks and building societies, members’ savings are protected against business failure by the Financial Services Compensation Scheme.[8]
See also
References
- ↑ Credit unions in membership of ABCUL Association of British Credit Unions (retrieved 1 November 2014)
- ↑ About us Plane Saver Credit Union (retrieved 7 March 2015)
- ↑ Join us Plane Saver Credit Union (retrieved 7 March 2015)
- ↑ Treanor, Jill Credit unions drive to swell membership to 3m The Guardian, 21 September 2014
- ↑ Scuffham, Matt Waiver helps UK credit unions take on payday lenders Reuters, 20 January 2014
- ↑ Atkin, Joanne Westminster debates the loan protection gap Mortgage Finance Gazette, 30 May 2014
- ↑ Jones, Rupert Payment waiver looks to fill PPI void The Guardian, 14 September 2014
- ↑ Credit Union Guide Financial Services Compensation Scheme (retrieved 2 April 2015)
