About our work with Credit Unions
PKF GM has been providing services to the Credit Union industry for over five years. In that period we have assisted 15 Credit Unions with their wind down plans.
We have a team dedicated to Credit Union assignments and have the ability to draw on other resources across our wider firm and the services of specialist consultants, selected from previous assignments, to assist with the wind down plan should there be a need.
We are not geographically constrained and assignments have been carried out in England, Scotland and Wales.
James is known for his pragmatic approach and specialises in making sense of complex scenarios.
Working with the regulators
In every assignment we work closely with the PRA Prudential regulation | Bank of England, FCA Financial Conduct Authority | FCA and FSCS Financial Services Compensation Scheme | FSCS to ensure member compensation is expedited and effective and are a recommended provider of these services by the regulators.
We also work closely with a number of other government agencies and regulators in restructuring assignments where there is an overriding need to protect vulnerable members of society.
Our approach is ‘hands on’ and we work closely with the Board, employees, volunteers and the regulators to ensure all concerns are addressed and desired outcomes harmonised.
In any pre-Administration period this would involve attending premises to carry out the necessary due diligence and ensure the credit union’s single customer view file is in order to facilitate early compensation to members when the regulators determine default. In preparation for the Administration and subsequent periods members of our team will be on site in advance to ensure member queries and concerns are allayed and compensation and re-banking requirements are effectively addressed. A key part of this work is liaising with members who are wholly reliant on the credit union for their day to day living and assisting with sourcing alternative banking arrangements and ensuring their benefits and monies can be accessed without delay. We liaise with charities, local councils and benefits offices to facilitate this.
Typically we work alongside volunteers and Credit Union employees following Administration as their knowledge of the particular circumstances of the Credit Union and the community are invaluable and assist in the delivery of the agreed strategy.
07786 175216 / 0113 426 7404
07813 212452 / 020 7516 2221
07780 664432 / 0113 426 7408
Guides & Updates
Explore our insights for help with managing financial pressures and building resilience in your business.
Cash flow pressures drives over 100% rise in insolvencies
Insolvency figures released today for April 2022* by the Government’s Insolvency Service showed corporate insolvencies more than doubled compared to […]Read more
Rainbow Saver Anglia Credit Union Limited – In Administration (“RSACU”)
James Sleight and Peter Hart of PKF GM have been appointed as Joint Administrators of Rainbow Saver Anglia Credit Union, […]Read more