It’s a savings and loans co-operative. It provides access to safe, affordable and inclusive savings and loans options, and can also help with budgeting. It is owned by its members and is directed by a voluntary Board with various different areas of experience and expertise. It is authorised by the PRA and regulated by the PRA and FCA.
Credit Unions are found all over the world, and are the preferred choice for financial services in many countries such as USA, Canada and Ireland. The UK doesn’t promote them as widely as other countries choose to, and their not-for-profit status means that they don’t have huge budgets for promotion. They do work closely with partners, and rely on word of mouth to increase their membership.