At Monday night’s Board meeting, we agreed to maintain the forecasted dividend rate on the Scotwest Saver account at 0.25% for the quarter commencing 1st July.

We also discussed the FCA’s review of “high cost short term credit” (HCSTC) including their wish for credit unions to do more to combat this. The types of HCSTC which concern the FCA are pay day loans, overdrafts and goods bought via the “rent to own” sector (e.g. BrightHouse). We noted that we already provide our members with access to small value, short term loans at reasonable rates so our efforts would be focussed on promoting those existing products and services.

Yours in co-operation

David McRiner