Ford Co-operative Credit Society Limited
Credit Unions, building societies and banks are prudentially regulated and approved as Authorised Deposit-taking Institutions (ADIs). All ADIs are equally subject to the depositor-protection provisions of the banking act 1959 and overseen by the Australian Prudential Regulation Authority (APRA).
Credit Unions and building societies are subject to the same stringent, legally enforceable prudential standards as Australia’s major banks. These prudential standards cover capital, liquidity and credit quality and many other aspects of the ADI’s business, including governance and operational risk.
Credit Unions and building societies do not engage in sub prime loans and do not invest in complex securities based on sub prime loans. Credit Unions and building societies fund more than 80% of their lending from retail customer deposits, not the volatile wholesale market.
In addition to their status as ADIs regulated by APRA, building societies and credit unions are Australian Financial Services and Australian Credit Licensees regulated by ASIC, and are subject to the National Consumer Credit Protection Act, the ePayments Code and the full range of financial services regulation.
The FCCS Difference
Imagine walking into your branch…
Where staff greet you by your name
And ask how you are
Because they care, not because someone told them to
Where your transactions are handled efficiently and your requests are treated with respect
Where the services and advice you receive are exclusively for your benefit, not to squeeze extra fees out of you and boost shareholder profits
You may not be able to get this from your bank… but it’s what you can expect from us. Looking after our members and acting in their best personal and financial interest is the reason we come to work each day.