Golden Anniversary for Credit Unions

FAIRshare Credit Union is celebrating the fiftieth anniversary of the first Credit Union in Britain.

Credit Unions have been putting their members first and providing them with the financial services they need since 1964. There are now nearly 400 in Britain which together provide responsible savings and loans to over 1 million people and look after over £1 billion in assets.

FAIRshare Credit Union was formed in 2000 and serves almost 5000 people across Shropshire.

John Harrower, General Manager of FAIRshare Credit Union said: “While it is important that we grow and change to continue meeting the needs of our members we shouldn’t forget the founders whose ambition and innovation helped us get to where we are today.

“We are proud at FAIRshare Credit Union to be part of a national and international movement which makes decisions for the best interests of its members, not external shareholders.”

Credit Unions in Britain didn’t gain a legal structure until the Credit Unions Act came into force in 1979, but they existed either as companies or co-operatives from the mid 1960s. The first Credit Unions – Wimbledon Credit Union and Hornsey Co-operative Credit Union – were registered in London in 1964.

Wimbledon Credit Union launched on the 1st April 1964, was registered under the Companies Act. Hornsey Co-operative Credit Union was registered under the Industrial and Provident Societies Act on 7th April 1964. Wimbledon Credit Union closed a few years ago.

Hornsey Co-operative Credit Union was formed by members of a Baptist Church who were concerned at their inability to get credit from banks and other financial institutions and who had used credit unions in their native Jamaica. Wimbledon Credit Union was formed to serve anyone who lived or worked within the Jesuit Parish of the Sacred Heart in Wimbledon. Hornsey Co-operative Credit Union transferred into London Capital Credit Union in 2013.

To find out how you could be part of FAIRshare and the Credit Union movement in Great Britain contact us now!