THE 7TH INDUSTRIAL CREDIT UNION CONFERENCE
Venue: Jarvis Piccadilly Hotel, Manchester
Date: 25th September – 27th September 1998
Organiser: Voyager Credit Union
Throughout the year there are many meetings of credit unions, the
largest being ABCUL’S AGM (our trade organisation) followed by the annual conference
of industrial credit unions, this also includes the large association credit unions, to
which we belong. I, for my sins, was despatched to Manchester to represent our credit
union, although if Virgin Trains had tried that little bit harder, firstly I would not
have made it to Manchester, secondly I would still be in Manchester! Just how many
cock-up’s can there be one weekend? I have since read in the papers that Richard
Branson has apologised to Labour delegates attending their conference in Blackpool, so
maybe I should drop Dickey Branson a line!
Back to business; this was the first Industrial Conference I had attended and
the whole weekend was very well organised by Voyager Credit Union. Voyager operates
through Manchester Buses and as you might expect, most of them are bus drivers. I wonder
if the London Cab trade’s credit unions could get together to organise an industrial
conference in the future?
Pat Rebourn, whom most of you know as our administrator, also works for
Waltham Forest Credit Union, as their Treasurer. Pat attended this conference wearing
‘two hats’, one for DaC the other for W.F. Credit Union (Before you ask was that
all she was wearing, you will be glad to know she was wearing a smile!) Having two of us
there was a bonus when it came to looking at the new products available from the software
companies and banks etc. But as she reminded me, we have spent quite a lot of (your) money
this year!
The main agenda of the conference was taken up with seminars/workshops, covering various topics. Of those that I attended, I think the following two are of most interest:
REGISTRY OF FRIENDLY SOCIETIES/FINANCIAL SERVICES AUTHORITY
Facilitator: Chief Registrar.
We were given an overview of the current situation; a lot of which has been well
covered in the press, but it was nice to get the info at first hand. The Registrar’s
functions will be transferred to the FSA when the Financial Services and Markets Bill,
which was published for consultation earlier this summer (you mean we had one), is
enacted. This is not expected to take place until late in 1999 or the first half of 2000
and the Registrar will therefore continue to exercise his statutory functions until then.
During the seminar, the Registrar took questions relating to moving towards
the single financial regulator, however, when it came to the question of cost, things did
not look so clever. At present we pay £45.00 when making our annual return. As I
understand it; the FSA must recover all of its costs, so apart from tapping the banks and
building societies etc. it will be looking for a much larger contribution from us in the
credit union movement. At present, small building societies pay £3500.00 (assets of £10
million) to the Registry; the largest credit unions now have assets exceeding £10
million, but only pay £45.00 like the rest of us!
Even without the move to the FSA, the Registry would have been moving to the
position of recovering its operating costs. So what happens to those non-financial
bodies like ODRTS who will stay with the Registry when all the financial ones have moved? Pay more for being regulated?
DEBT RECOVERY
Facilitators: Britannia Credit Recovery and McCombie & Co. Solicitors – both from
Leeds.
Talk about playing to a full house, with a subject heading like this there were not
too many spare seats. To have a through knowledge of this subject, one would need to be a
cross between a solicitor and a bailiff (perhaps that’s what cab drivers are anyway).
At the end of the day, we all went away feeling that we should have more details of our
members when it comes to their ability to repay loans, especially if we do hit a
full-blown recession.
Which conveniently leads me on to the subject of you lot completing loan
applications. Please complete the part headed; Applicant’s Statement, together with
the other questions on the back of the form.
Of late the Loans Committee have returned applications that were not
completed properly, which only causes delay in issuing a loan. We are now able to process
loan applications quicker due to having computer records, an administrator and not least
to a committee who are prepared to come in more than once a month.
So to help Messrs. Peter Clark, Derek Griggs and Mr.Pat O’Leary, please
complete your forms, legibly and accurately. Pat was only saying to me the other evening:
"I would rather have a loan application which I could read, than a pint of
Guinness!"
…AND CHRISTMAS?
Could you please note that the Credit Union office will be closed from
December 21st until January 4th 1999 (inclusive).
Terry Lynn
DACCU President
