You Never Give Me Your Money

Last Sunday at the Scottish League of Credit Unions AGM we had an emergency resolution calling for all Scottish Credit Unions to withhold payment from the Financial Services Compensation Scheme. The resolution was carried unanimously and with great enthusiasm. Unless you happen to be on the executive of ABCUL (who have cravenly accepted the will of the FSA), there are no grounds at all for the smallest part of the financial services sector to be bailing out failed banks. Credit Unions are volunteer run and (mostly) volunteer managed and disproportionately serve the poorer parts of society. It is not credible that a third sector organisation should pay for the failings of bank executives on six figure salaries.I am proud that we took the decision to stand together and refuse to pay: it's up to the politicians to fix this.