Why do Credit Unions not file accounts with the CRO?

Brendan Burgess

Brendan Burgess

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Are Credit Unions not companies under the Companies Act?

They have limited after their name.

If I deal with an ordinary limited company, I can get the accounts of that company to make sure that it is solvent.

Unless I am a member, I have no right to see the accounts of a Credit Union, apparently.
 
There are a number of reasons why they should be exempt.

Firstly their main creditor by a long mile are their shareholders.

Second their accounts are far more extensive than any set of accounts you would ever get from a filed set of accounts as every member who has ever examined the accounts would realise that Appendix 2 contains a long list of Non Staff Operational Expenses.

Third the focus on the constitutionally suspect 'fitness and probity' is of far more potent power to an unaccountable Central Bank than publicly available information.

That said you will easily pick up 70+ sets of accounts on the web - don't use the search of our colleague below with 7 - there are 100s.
 
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