How we started

Thamesbank began life serving the population of Brentford and Isleworth. It quickly expanded and absorbed Hounslow Employees Credit Union and it now has a common bond that encapsulates LB Hounslow; LB Richmond upon Thames; LB Kingston upon Thames; Spelthorne Council, LB Wandsworth.

Our values

We follow the International Cooperative Alliance values and principles. At their heart this is about individuals organising together in democratic ways to take responsibility for their own collective futures.

How secure is my money?

We are part of the Financial Services Compensation Scheme and members’ savings up to £85,000 are therefore protected.

We invest any funds that are not being lent to other members. Any surplus that the credit union makes will be split roughly into three areas. 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.

The Board

The Board of Thamesbank comprises:

Cllr Guy Lambert (Chair)

Hor Chan (Treasurer)

Arthur Male Director

Grant McManus Director

Julia Bindman Director

Jayaseeli Sathyanarayanan Director

Andrew Lewin Director

Hilary Ellwood supports the Board with the administration.

Governance

We work to the International Cooperative Alliance’s four values and seven principles. We are regulated by the Financial Conduct Authority and the Prudential Regulation Authority. The rules set out by the regulators guide how we are managed.Our day-to-day management is overseen by our volunteer Board, which is elected at an Annual General Meeting. Board members serve for three-year terms. The roles and responsibilities of board members are defined and periodically updated. The board meets monthly. Each year we have an Annual General Meeting to which every member is invited. The AGM also sets direction for our credit union and decides on matters such as level of dividend.

Legal

Thamesbank Credit Union is incorporated under the Credit Union Act 1979. Registered Number 722C.

Thamesbank Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudental Regulation Authority. Registration Number 416486