In late 2014, under pressure from the PRA due to falling below minimum reserves requirements, NewCred members voted to transfer engagements to London Community Credit Union.

Interest earned on these loans is the credit union's main source of income and is used to provide services and pay dividends based on shares.

[4] Forming part of the wider international co-operative movement, there are now 51,000 credit unions in 100 countries, enabling 196 million members to access affordable financial services.

The credit union movement in the UK is less developed than other parts of the world, although the sector is growing and there are currently 580, varying in size, membership and services.

Unlike a bank, interest is not paid on savings accounts as profits are shared among members at the end of each year in the form of a dividend payment.

Members are encouraged to attend the Annual General Meeting and vote on issues, including the election of the board of directors, all of whom serve on a voluntary basis.