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)        

Mukesh Malhotra                            (Vice-Chair)

Steve Laffey                                      (Treasurer)

Hor Chan                                          (Director)

Jayaseeli Sathyanarayanan          (Director)

Paul Oppe                                        (Director)

Pernille Holtedahl                         (Director)

Hilary Ellwood supports the Board with the administration.

Governance

Thamesbank Credit Union works 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, approved by the regulators, are a model developed by our trade association ABCUL and provide the framework for our operation. The Board is elected at an Annual General Meeting and meets monthly. Board members serve for three-year terms and their roles and responsibilities are defined in the rulebook and periodically updated. The prime responsibilities of the Board are to develop a Business and Marketing Plan and Budget and to monitor the progress of the credit union against those plans. The Board also organises the Annual General Meeting to which every member is invited. The AGM considers the report of the Directors and any motions relating to dividends as well as examining the report of the external auditor.

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