Plane Saver Credit Union is a not-for-profit financial

co-operative A cooperative (also known as co-operative, coöperative, co-op, or coop) is "an autonomous association of persons united voluntarily to meet their common economic, social and cultural needs and aspirations through a jointly owned and democr ...

, with their main office based in Harlington, and a second office at Heathrow Airport. A member of the Association of British Credit Unions Limited, Plane Saver has over 27,000 members, over £62 million in assets, and have lent more than £100 million to date.

History

The

credit union A credit union is a member-owned nonprofit organization, nonprofit cooperative financial institution. They may offer financial services equivalent to those of commercial banks, such as share accounts (savings accounts), share draft accounts (che ...

was known as British Airways (UK) Employees Credit Union from its foundation in 1993, until 1997, when it widened its scope to include employees of UK-based CAA-registered airlines and their associated companies. In 2015, Plane Saver won the contract to offer their services to the

Ministry of Defence A ministry of defence or defense (see American and British English spelling differences#-ce.2C -se, spelling differences), also known as a department of defence or defense, is the part of a government responsible for matters of defence and Mi ...

. It is currently the fourth largest credit union in the UK.

Activities

The members of a credit union are required to share a common bond. In 2010, Plane Saver Credit Union further extended its common bond to those employed in, or associated with, the airline and transport industry, logistics, engineering, police, fire and ambulance services or the armed forces and it now includes most industries including healthcare, education and distribution services. In a move backed by the Minister of State for Defence Personnel, Welfare and Veterans in 2014, the chair of the

Co-operative Party The Co-operative Party () is a centre-left List of political parties in the United Kingdom, political party in the United Kingdom, supporting co-operative values and principles. The party currently has an electoral pact with the Labour Party. E ...

called for the creation of a credit union aimed at military families. As members of the armed forces were already eligible to join, it was reported that Plane Saver was ready to assist in the creation of a military credit union, providing there could be payroll deduction. Two other credit unions also won the contract, to give armed forces personnel a choice of provider. The three credit unions formed what became known as Joining Forces, in which they work together to promote the scheme. Plane Saver Credit Union was first UK adopter of payment waiver in 2014. Under the scheme, if a borrower cannot work due to sickness or unemployment, payments are immediately waived. The credit union is authorised by the Prudential Regulation Authority and regulated by the

Financial Conduct Authority The Financial Conduct Authority (FCA) is a financial regulatory body in the United Kingdom. It operates independently of the UK Government and is financed by charging fees to members of the financial services industry. The FCA regulates financi ...

and the PRA. Ultimately, like the banks and building societies, members’ savings are protected against

business failure __NOTOC__ Business failure refers to a company ceasing operations following its inability to make a profit (accounting), profit or to bring in enough revenue to cover its expenses. A profitable business can fail if it does not generate adequa ...

by the

Financial Services Compensation Scheme The Financial Services Compensation Scheme (FSCS) is the UK's statutory compensation scheme for customers of UK authorised financial services firms. This means it can step in to pay compensation if a firm is unable, or likely to be unable, to p ...

.Credit Union Guide
Financial Services Compensation Scheme (retrieved 2 April 2015)

References

External links

Plane Saver Credit UnionAssociation of British Credit Unions
{{Credit Unions in the United Kingdom Credit unions of the United Kingdom Banks established in 1993 Heathrow Airport British Airways

History

Activities

See also

References

External links