Credit Union Services:

The recent changes in the Credit Union movement have increased the number of mergers between credit unions. Mergers and transfer of engagements expose the credit union to greater risks which need to be managed at the planning stage. Alexander Sloan can help in the following ways:

Investigatory Work- it is important that you are fully aware of all the liabilities and risks of the Credit Union you are planning to acquire otherwise you risk diluting your current members funds. In addition you will wish assurance over the value and existence of the credit union’s assets. We can provide investigatory work into the extent of the debts and the assets you are acquiring in the merger.

Internal Control Testing- The increased size of the credit union can put the credit union’s controls under greater strain. If the credit union you are planning to acquire is involved in different products or customer base then you will need to ensure you have adequate controls in these areas. We can carry out detailed internal audit work into your controls to ensure that the credit union’s systems can cope with the changing business.

Business Plans/Guidance on Process- we can provide guidance on each step of the process and can prepare the required business plan for the FSA on the combined entity.

We have the requisite knowledge and experience of credit unions to focus on the risks involved during transfers of engagements and can provide you with expert assistance. In recent years we have carried out four credit union investigations relating to mergers.

FURTHER INFORMATION

If you would like some further information on this service please contact Steven Cunningham (sc@alexandersloan.co.uk) who will be pleased to discuss your requirements.