Forest of Dean Credit Union

Management Board - How it works

The Management Board

Ensures that members’ needs are met by accessing the services they require
Protects member’s assets by prudent financial control and compliance with the Law
Ensures quality of the service by reviewing the Business Plan and Policy and procedures manual regularly
Executive responsible for the day-to-day management of the Credit Union
Monitors members complaints and reviews any changes to Policies and procedures required

Reports to:

The members at the AGM by producing an Annual Report
The members at the AGM of intention to pay a dividend or rebate of interest (if any)
The F.S.A. with a copy of the Audited Annual Report (AR20)
The F.S.A. by providing Quarterly and Annual reports
The Credit Committee of funds available for loans
The Supervisory Committee sending copies of agendas, minutes and reports of all meetings
The FSA and ABCUL annually on the names and addresses of all directors and officers and reports on the membership number of the Credit Union

The Credit Committee

Elected by the Membership at the AGM
Considers all Loan applications based on the Loan policy set by the Board
The Loan Officer has delegated responsibility from the board to grant emergency loans, and they will provide the Credit Committee with a record of any decision taken within 7 days of receiving the application
The Loan Officer reports to the Credit Committee all decisions made so that they are part of the next committee meeting
Reports to the Board in writing, monthly, on Loans granted
Maintains records of agenda, minutes and decisions for inspection by Supervisory Committee

The Supervisory Committee

Elected by the members at the AGM
Responsible for checking that all the internal controls are in place and observed
One member of the committee attends all Board meetings
Reports its findings to the Board in writing at least every quarter
Reports to the members at the AGM
Reports to the members the attendance of all officers at Board and Committee meetings
Keeps minutes of all its meetings

The Auditor

The Auditor shall audit the accounts and balance sheet and make a report to the credit union on the accounts examined by him/her
The Auditor reports to the members at the AGM

The Members

Democratically control the Credit Union
They elect the Board, the Supervisory Committee and Credit Committee at the AGM
Receives the Audited Annual Report and assesses the Credit Union's performance
Provide ‘feed back’ to the Board on products and services
Keeps informed of the Credit Union via Newsletters, press etc
Encourage non-members to join the Credit Union

The Responsibilities of the Executive Committee

The Committee will consist of; The Chair of the Board, the Secretary, the Treasurer, the Assistant Treasurer and the Chief Cashier (See job descriptions below)

It will have day-to-day responsibility for the management of the Credit Union until such time that finances permit the employment of a Manager
It will recommend to the Board the apportionment of responsibility for ‘controlled functions’ to named people
The committee will review the Systems of Control regularly and recommend to the Board any amendments necessary
Meetings will be held frequently to ensure the smooth running of the Credit Union
Minutes will be kept of meetings and presented to the Board each month

A quorum for meetings shall be three members.

Authorised and regulated by the Financial Services Authority