We have expertise in assisting credit unions facing challenging trading conditions or insolvency; and regulatory issues including capital requirements, Senior Managers Regime, Single Customer View (SCV) file preparation and loan book provisions.

A credit union is a financial co-operative owned by its members. The services that credit unions can offer include:

  • deposit-taking
  • savings
  • lending

These services are regulated activities.

Credit unions are dual-regulated, which means that they are regulated by the Financial Conduct Authority (FCA) and by the Prudential Regulation Authority (PRA). The rules and legislation applying to credit unions are set out in the following core legislation:

  • The Co-operative and Community Benefit Societies Act 2014;
  • Credit Unions Act 1979;
  • The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011;
  • SCV requirements as set out in deposit protection part of the PRA Rules;
  • Dormant Bank and Building Society Accounts Act 2008; and
  • For Northern Ireland – Credit Unions (Northern Ireland) 1985

We have acted in the following case scenarios:

  • bank informal wind downs
  • assisting as a forensic expert on a FCA investigation in respect of a credit union’s regulatory failures
  • advising credit unions on their conduct and prudential regulatory obligations under the FCA and PRA
  • credit union wind downs via Administration insolvency formal process

Since 2012 Managing Director, Dina Devalia, has specialised, and is an expert in advising credit unions facing:

  • challenging trading conditions or insolvency;
  • both prudential and conduct regulatory issues;
  • capital requirement breaches/ceilings;
  • Treating Customers Fairly (TCF) obligations for vulnerable members;
  • SCV file preparation; and 
  • loan book PRA provision breaches.

From  2012 to 2016, Dina project managed the following credit union wind downs:

  • North Yorkshire Credit Union
  • Cornwall & Isles of Scilly Credit Union
  • Seven Four Credit Union
  • Millom & District Credit Union
  • Coastal Credit Union
  • Enterprise The Business Credit Union

Since 2017 Dina has acted as Joint Administrator for circa 12 credit unions across Scotland, England and Wales. These Administrations and credit union wind downs require specialist skills given that insolvency practitioners need to deal with both the statutory insolvency matters and be highly experienced in dealing with both prudential and conduct regulatory issues arising, of which dealing with TCF and vulnerable members is a priority for the regulatory stakeholders.

These appointments include the following cases:


  • South Tyneside Credit Union
  • Solent Credit Union


  • West Wales Credit Union
  • Loans & Savings Abertawe Credit Union


  • North East Scotland Credit Union
  • Greater Milton & Possilpark Credit Union
  • Parkhead Credit Union
  • Mercat Cross & The Bruce Credit Union
  • North Airdrie Credit Union
  • Faifley Credit Union
  • Pioneer Mutual Credit Union
  • Strathkelvin Credit Union