Bute and Cowal Credit Union Ltd.
Twenty-second Annual General Meeting 3rdFebruary 2016
Directors’ Report
The report covers the year October 2014 – September 2015 and to 19.1.16.
We thank the officers of St. Paul’s Church for once again offering us the use of the Church for our Annual General Meeting. It is greatly appreciated.
During the year the first stages of the implementation of changes to the regulations governing credit unions were introduced. This meant a steep learning curve and a great deal of work for your Board and Staff. The purchase of an app. for our financial software (Custom) means we are able to deal electronically with the reports to our regulators concerning the state of readiness of members’ details in relation to the Financial Services Compensation Scheme.
I am pleased to report we are on top of all this and we are confident we will meet all requirements when they are fully implemented in the current year. However, we need to reinforce our Board for the longer term, and this will be a priority effort in the current year.
