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About Us Governance & regulation

Governance & regulation

Somerset Savings and Loans is governed by a volunteer Board of Directors. Members at the Annual General Meeting are responsible for electing directors annually. Directors and senior staff have responsibility under the Prudential Regulation Authority and the Financial Conduct Authority Senior Managers' Regime to ensure good governance in relation to all aspects of the credit union's activities. You can see details of the current Board here.

Audits

We are independently audited every year by an external company and our latest Financial Statements can be found here Click to DownloadFinancial Statements 2015/16 (760.3kb). In addition we have an internal Supervisory Committee that carry out checks on behalf of our members.

Regulation

Somerset Savings and Loans is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. These are the same regulators who supervise banks, building societies and other financial organisations. Our Firm Reference Number is 230768. You can check our details on the Financial Services Register by clicking here or going to https://register.fca.org.uk/

Credit Unions in Great Britain are set up under the Credit Unions Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Our mutual registration number is 708C on the Financial Conduct Authority's mutual register. You can check it by going to https://mutuals.fsa.gov.uk.

Rules

We operate to a Rule Book which is approved by members. Changes and amendments to Rules may be proposed to members at an Annual General Meeting and, if approved, then a new Rule Book is registered. Our current Rule Book can be found here Click to DownloadDownload Rule book (672.6kb).

Treating Customers Fairly

Somerset Savings and Loans is a member-owned ethically focused financial co-operative with our members at the heart of everything we do. We are fully committed to the principals of Treating Customers Fairly and the guidance provided by the Financial Conduct Authority.

More information on the Treating Customers Fairly principles can be found at https://www.fca.org.uk/firms/fair-treatment-customers.

FSCS

We are members of the Financial Services Compensation Scheme, and you can read more about the security offered to members here.

Complaints

We aim to provide a high level of customer service to our members but we recognize that occasionally things go wrong. Our Complaints Procedure can be found here .

Get in touch with us by telephone on 01275 390650 or by post at Somerset Savings and Loans, Kestrel Court, Harbour Road, Portishead, BS20 7AN.

If you are not satisfied with our response to you then you can contact the Financial Ombudsman Service, Exchange Tower, London, E14 9SR. For more information see http://www.financial-ombudsman.org.uk/consumer/complaints.htm

Trading Names

Somerset Savings and Loans is a trading name of Weston-super-Mare and District Credit Union Ltd. In the past we have also operated under the registered trading name of North Somerset Credit Union.


Call us:
  • Tel.
  • 01275 390650
Opening Hours
  • Mon - Fri
  • 9.30am - 4.30pm
Visit us:
  • Thu
  • 9.30am - 12.30pm / 1.30pm - 4.30pm
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Somerset Savings & Loans is authorised by the Prudential Regulation Authority & regulated by the Financial Conduct Authority & the Prudential
Regulation Authority. FCA & PRA FRN: 230768