Based in Grahame Park, the credit union had over 1,000 members and branches in Burnt Oak, Edgware, and Finchley.
[1][2] A member of the Association of British Credit Unions Limited, registered under the Industrial and Provident Societies Acts, North West London Credit Union was authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and PRA.
Ultimately, like the banks and building societies, members’ savings were protected against business failure by the Financial Services Compensation Scheme.
[3] Although the credit union was operating efficiently, it was struggling to meet capital requirements recently raised by the regulators.
In 2012, the directors approached London Capital Credit Union with a view to merger.