M for Money Credit Union has a Board of Directors that is comprised of unpaid volunteers that are elected annually at the Annual General Meeting. The Board of Directors monitors the finances, develops the business plan and oversees the administration. The Annual General Meeting also elects a three person Supervisory Committee that oversees the activity of the credit union, these are also unpaid volunteers and ordinary members of the credit union.
Any surplus that the credit union makes will be split roughly three ways. Firstly there is a duty for all credit unions to develop reserves and a percentage of any surplus made will always go into the reserves of the credit union. Secondly the credit union Directors may wish to put part of any surplus into developing the credit union or its products and services.
Lastly, any remaining monies will be returned to savers in the form of a dividend.
All members savings and loans are covered by, free to the member, loan protection and life savings insurance so the debt always dies with the debtor and is not passed on to the next of kin.
All savings up to £85,000 per member are guaranteed by the Financial Services Compensation Scheme.
M for Money Credit Union is Authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority Reg No. 216633 and by the Financial Services Compensation Scheme.