The Pentecostal Credit Union has already set some ambitious plans for growth this year.
For Immediate Release: 17th June 2014
On 3rd June, The Pentecostal Credit Union (TPCU) was informed by the Prudential Regulation Authority (PRA) that a supervisory decision had been made to discontinue any monthly reporting requirements which TPCU had been complying with over the last 18 months.
This follows the censure of the credit union for practices of the previous management in 2012, who were found to have fallen short of standards required by the then Financial Services Authority in channelling money purportedly lent to the credit union’s members to churches.
Since then TPCU have made significant and sweeping strides to be fully complicit with the regulatory requirements of the PRA and the Financial Conduct Authority – the FCA. The previous management board left the credit union in March 2012 and a new Chair and board of Directors have since been appointed. The relaxation of supervisory oversight also clearly signifies the regulator’s increased confidence in TPCU.
“We are very grateful to all our members for their patience and understanding during the challenging period of supervision”, said Leslie Laniyan, Chair of TPCU, “We have now turned a significant corner and look forward to strengthening as well as growing our membership even further”
TPCU also welcomes the addition of Interim Chief Executive Hugh Boatswain to the organisation, who added “working with the new Board during this transitional period has enabled me to actively apply many of the skillsets developed while working as a Manager at the Audit Commission”.
Set up in 1980, The Pentecostal Credit Union based in Balham, South-West London ensures that any individual, family member, church group or business that practices the Pentecostal faith can receive financial support. With over 1,500 members, TPCU’s mission is to help and improve the economic lives of its members.
In fact The Pentecostal Credit Union has already set some ambitious plans for growth this year.
Having engaged the services of London marketing company, Maverick Marketing Consultancy both organisations have now developed and detailed a comprehensive business development strategy.
The next few months will see a practical focus and drive on some new and exciting marketing initiatives, to better promote the Pentecostal Credit Union to a much wider audience, as well as encourage a much greater take-up of membership and services.
Notes for Editors
1. The PCU was formed in 1980
2. The PCU has more than 1500 members
3. The PCU is one of the 10 largest Credit Unions in the UK
4. The PCU Loan Book is £4.7 million
5. The PCU has Assets of £10 million
6. The PCU is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority
Press Release Contacts
Hugh Boatswain – (Interim) Chief Executive Officer
Tel: 020 8673 2542
Shane Bowes - General Manager
Tel: 020 8673 2542
Pentecostal Credit Union
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