How we’re run at Great Western Credit Union
At Great Western Credit Union, we’re committed to doing things the right way.
That means meeting the highest standards of corporate governance, staying fully compliant with our regulators, and always putting our members first, because we’re owned by you.
Our legal framework
Credit unions in Great Britain operate under the Credit Unions Act 1979 and the Co-operative and Community Benefit Societies Act 2014. Our mutuals registration number is IP00597C (or 597C on the FSA Mutuals Register) at mutuals.fsa.gov.uk.
We’re authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA. Our Firm Reference Number is 213583. You can find us on the Financial Services Register.
We’re also proud members of the Financial Services Compensation Scheme and we subscribe to the Financial Ombudsman Service, giving you peace of mind that your money is protected.
The GWCU board of directors
Skilled volunteers and experts
At Great Western Credit Union, our board of volunteer directors helps guide how we’re run. They ensure we deliver fair, ethical, and responsible financial services for our members across Bristol, Bath, Gloucestershire, Somerset, Wiltshire, and Dorset. Our board provides strategic leadership, strong governance, and a commitment to community-focused finance.
Why is there a volunteer board?
Volunteer boards have governed credit unions since they were first established in 1844. Then, credit unions were called “The People’s Bank”. Ordinary people volunteered their time to run the credit union. They saved and lent money for the benefit of everyone. Since credit unions are not- for- profit, volunteering is an important part of keeping them running.
What does the board do?
The GWCU board have a range of important tasks. These include:
-
meeting regularly
-
representing the wider member body
-
voting on policies
-
making sure the direction of GWCU aligns with the values
-
assessing reports which measure GWCU performance
The volunteers themselves advise GWCU leaders based on their personal career experience and qualifications.
Who can join the board?
Anyone can apply to be a board member. GWCU board members share the same values of improving financial wellbeing for local people. Often they have career experience in financial or community organisations.
Meet the GWCU board
Working together to help our members
Joined the Board in 2021. A non-practising solicitor specialising in environmental and governance law, Peter supports sustainable, purpose-driven finance and serves on the Office for Environmental Protection’s College of Experts.
Joined the Board in 2023. Paul works at the British Business Bank and has 35+ years’ banking experience, including senior roles at Lloyds Bank. He is passionate about inclusion, social mobility, and community-focused finance.
Joined the Board in 2025. Carmen is a Senior Business Analyst at PoloWorks and Non-Executive Director at Babbasa, bringing expertise in financial services and regulatory compliance, with a focus on social impact and economic empowerment.
Joined in 2024 after a senior banking career, including Managing Director roles at Metro Bank. Ian brings strong expertise in risk and credit management and supports the mission to serve communities often overlooked by mainstream finance.
Want to join our board?
Download our brochure to learn more about our board and how to join
Financial Information
We publish our Annual Accounts every year for our members. These are independently audited and prepared in line with the Credit Union Act 1979. Our financial year ends on 30th September.
Rules of membership
As a co-operative, we’re governed by a Rule Book, approved by members at our General Meetings. Once it has been agreed, any updates are registered with the Financial Conduct Authority.
General meetings
We hold an Annual General Meeting (AGM) every year, where members come together to review our progress and vote on key decisions. We may also call Special General Meetings if something important comes up between AGMs.
Only GWCU members and invited guests can attend, and we’ll always notify you in line with our Rule Book.