Oct 2000 Volume 81 Number 10 "serving the protectors"
PCU A Thriving Business

Police Credit Union began its journey as a financial institution in February, 1970, when a group of police officers put forward the idea that a co-operative in which members would save together in order to lend to each other would be of benefit to all.

This simple little credit union provided budgeting advice and low-cost loans within an environment that worked entirely for the good of its members, and its success is reflected in the rapid and continued growth of its membership. Thirty years on, Police Credit Union is a thriving business that maintains its original philosophy: that it exists for its members. However, today its membership base has broadened considerably and it welcomes applications for membership from all areas of the community.

The success, growth and strength of the credit union can be attributed largely to the good management and stability of its board and managers. In 30 years, Police Credit Union has had three chief executive officers and Geoff Doyle, its current CEO, has headed his team for the past 10 years.

As with other South Australian credit unions, PCU from its inception operated under the very close scrutiny of the State Stabilisation Board and, later, under Australian Financial Institution Commission (AFIC); and it more than adequately complied with all their regulatory requirements. On July 1, 1999, following the recommendations of the Wallis Report, all deposit-taking institutions nationally (which includes credit unions) were licensed and are now supervised by the Australian Prudential Regulation Authority (APRA).

While credit unions and building societies in South Australia have always had to comply with stringent regulations, this recent change is most welcome. It recognizes that people are seeking alternatives to the traditional banking systems and it ensures that, nationally, credit unions and the like will provide a level of security that their customers or members have a right to expect.

Police Credit Union has been proud to offer its financial services to the public of South Australia and the Northern Territory and will continue to pursue its core values of honesty, integrity, empathy and financial prudence.

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