Frequently Asked Questions…

1. How much does it cost my organisation to set up?
   We do not charge for this service.
2. Does it cost our employees anything?
   No.
3. Is Scotwest Credit Union regulated?
   Yes. Scotwest is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and Prudential Regulation Authority.
4. Is Scotwest covered by the Financial Services Compensation Scheme?
   Yes. Just like banks and building societies, savings are protected by the Financial Services Compensation Scheme, currently up to £120,000 per person. Find out more on the FSCS website here.
5. Is it a lot of work for our payroll staff?
   The administrative work involved in organising payroll deduction is kept to a minimum and is little more than a single exchange of information and BACS funds transfer per pay cycle. All enquiries of any kind at all are dealt with by the credit union office.
6. What if an employee leaves my organisation?
   The employer does not need to do anything and has no liability for the former employee. Once the payroll deduction stops, the credit union contacts the Member to offer alternative payment options.
7. Am I Liable?
   No. Our relationship is with employees and not employers. Any issues or queries relating to an employee’s Scotwest Members will be discussed only with the Member and not their employer.
8. What about my employee’s personal information?
   Again, as our relationship is with employees and not employers. Scotwest is a data controller of the personal information provided with Members who join us. We will not request any information from you that we have not already been provided by your employee so you should not consider us to be a data processor for you, You can find out more about how we use and store data here.
9. Does this affect our employees National Minimum Wage provision at all?
   No. As the account is held in the employee name and is for their personal use, this is not considered a deduction from wages that would breach National Minimum Wage (NMW) regulations (2015).
10. Does offering Scotwest Save@Work mean that my business is carrying out financially regulated activities?
    No. The FCA has confirmed that, by signing up for this service, your business is not carrying out a regulated activity. Nor does informing your employees about the benefit constitute a financial promotion by your business.

 

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