Regulation
Prudential Regulation Authority & Financial Conduct Authority
Grampian Credit Union Ltd is authorised by the Prudential Regulation Authority (PRA) and Regulated by the Financial Conduct Authority (FCA) and the PRA. Firm Reference Number - 213701
We are required to send regular financial reports to the FCA & PRA and to operate under the same rules and regulations as every high street bank or building society. We make regular quarterly returns to the FCA & PRA and have our accounts audited annually. The credit union is required by law to maintain an insurance policy to protect the credit union and its members against fraud or theft. We must also keep reserves, to protect against the impact of unpaid loans or large numbers of share withdrawals.
Financial Services Compensation Scheme (FSCS)
Important information about compensation arrangements
For clarity 'We' here refers to the Scheme 'FSCS'
If you hold money with a UK-authorised bank, building society or credit union that fails, we’ll automatically compensate you up to £120,000 per eligible person, per bank, building society or credit union.
On 1 December 2025 the deposit limit rose to £120,000.
Shared banking licences
Where you hold your money could affect how much compensation you’re entitled to. If you have money in multiple accounts with multiple banks that are part of the same banking group (and share a banking licence) we have to treat them as one bank. This means that in the event of a firm failure, our £120,000 compensation limit applies to the total amount you hold across all these accounts, not to each separate account.
For our compensation limit to apply to each individual account, you’d need to hold money with different banks that don’t share a licence. You can search the Financial Services Register on the Financial Conduct Authority’s website to see which banks share a licence.
Joint accounts
Joint accounts are also eligible for FSCS protection up to the same limit of £120,000 per eligible person.
Please note, as above, if you have an individual account and a joint account within the same banking group, our £120,000 compensation limit will apply across these accounts, not to each separate account.
Temporary high balances
We also protect certain qualifying temporary high balances up to £1.4 million for six months from when the amount was first deposited.
You don’t need to do anything if your provider fails – FSCS will compensate you automatically.
You can easily see how much of your money is protected by using our bank & savings protection checker.
'FSCS Protected' badge
A quick and easy way of finding out whether a PRA-authorised bank, building society or credit union is protected by FSCS is by looking for the ‘FSCS Protected' badge.
