Credit unions – described as not-for-profit 'community banks' – are a well-established and ethical way to save money and access loans. They are run by members for members, which means there are no outside shareholders to pay and any profit is used to develop the credit union and provide a return to savers.
The proposed Nautilus Credit Union will be a regular credit union, with the aim of providing our members with an alternative to high street banks and other financial institutions for their personal finance needs – and, in particular, assisting with the costs of career development.
The process of registering the proposed Nautilus Credit Union is now at an advanced stage. Your Union – Nautilus International – has to be able to demonstrate to the regulatory authorities (the Financial Conduct Authority and the Prudential Authority) that members are enthusiastic about the project.
Nautilus has invested significant resources into developing the proposals for this project. The next stage – and the important missing link so far – is your expression of interest. This will give us the ammunition that we need to go to both the FCA and the PRA and seek registration.
Your expression of interest to be an owner/member at this stage does not commit you to any financial outlay or obligation, but will help to let us know and anticipate the level of interest in the credit union.
The proposed credit union is a member-owned financial institution, democratically controlled by its members, and is being set up for the sole purpose of promoting saving, ultimately providing credit at competitive rates and other financial services to its members. The Common Bond extends to all members and staff of Nautilus International and their families.
To express your interest, please complete the form below.