A Fresh Financial Face in Hackney

left to right: Councillor Jonathan McShane, LCCU staff and directors.

A new era of affordable and ethical banking started this week for all Hackney residents, with the official opening of the London Community Credit Union (LCCU) in Mare Street.

Local residents, key partners and LCCU staff attended the launch of the new branch on Monday. Councillor Jonathan McShane, Hackney Council Cabinet Member for Community Services also showed up to lend his support and to formally welcome LCCU to the borough.

At the event, LCCU staff members were on hand to offer advice on the many products and services offered by the credit union and to assist potential new members in joining.

London Community Credit Union offers a more personalised approach to banking, with a range of affordable and accessible financial products, LCCU has grown to serve over 10,000 members in the neighbouring Borough of Tower Hamlets. Over its 10 years, members have consistently praised the services including savings, current accounts, debit cards, cash cards, insurance and loans.  They have the security of knowing that deposits are fully protected by the Financial Services Compensation Scheme (FSCS).

According to Ian Moseley, Chairman of the London Community Credit Union, with the opening of the new branch, Hackney residents have access to responsible financial solutions that are within the reach of all, regardless of past credit history or personal circumstances.

“More than savings and loans, the London Community Credit Union offers members sound financial planning and the tools to grow their savings while enjoying the benefits of access to cash and credit. With the opening of the Hackney branch we are not only signalling our commitment to the East London community, but also providing wider access to financial services, which is vital in our current economy,” Moseley explained.

“Some government reports suggest that up to 40% of Hackney residents could be considered ‘financially excluded,’ and thus subject to exploitation by unscrupulous lenders”, Moseley went on.  “LCCU aims to help move such lenders out of the Borough by offering accessible and fair financial services.  Our strength lies in member-only ownership which fosters our strong service orientation”, he concluded.

Councillor Jonathan McShane, Hackney Council Cabinet Member for Community Services, said: “The introduction of a new credit union in Hackney is a really positive step. It offers people far more than savings and loans; it also teaches them basics of financial planning.

“Not only will a credit union help those who are unable to open accounts with the main high street banks, it will hopefully steer people away from unscrupulous money lenders, who basically rip people off. I’d like to welcome the London Community Credit Union to Hackney and we wish them every success in their future here in the borough.”

Under its original name, Tower Hamlets Community Credit, LCCU developed a reputation for stability and personalised, friendly service during its first 10 years in business, the credit union rapidly increased its membership in Tower Hamlets, quickly expanding operations from its first location in the bustling market community of Roman Road by adding branches on Bethnal Green Road and in the Chrisp Street Market at Vesey Path in Poplar.

Based on the scope of the expansion into Hackney, the credit union was re-branded as London Community Credit Union so the name would embrace membership from the broader East London community. The re-branding also focused on improving the credit union’s appeal, and building increased awareness of the organisation in the community.

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