February update from our Chair
31 Jan 2017
This is designed to keep members money safe, however at the same time regulatory compliance cost increases seem never ending. The regulatory compliance frameworks have become very burdensome for the smaller Credit Unions. The industry has reduced in total numbers of Credit Unions due to a drive for efficiencies through mergers and acquisitions.
The Police and Families Credit Union is very well placed and has developed these additional frameworks and is meeting the increased requirements. We undertook a whole of business review in 2011/12, and have excellent relationships with our core advisers and business partners. The review led to a change in leadership structure with Helen Hatchard being appointed as our first Chief Executive in 2013. New products have been launched such as the Mobile Banking App, Debit MasterCard, Pre-recruit Loans, Overdraft Facilities and Vehicle Secured Loans. In addition we have removed all EFTPOS fees for members, placed 6 ATMs in selected stations, introduced our Scholarship Programme and now members can join the Credit Union online and apply for a loan via their Mobile Banking app. Our team are also regularly leaving Wellington to visit our members at Districts throughout the country.
As members, you are the owners of NZ’s fourth largest Credit Union by members and total assets. Our equity now stands at over $21m which gives us a great amount of flexibility in the industry.
Ultimately this has led us to providing members with financial capability courses, bringing life to our mission statement of “enhancing the financial well-being of our members”.
Your Credit Union’s Board is now turning its mind to a review of its own governance. Our rules around governance have been largely unchanged throughout our history. This month the Board is undertaking a strategic review of its governance structure. A key answer to the question of “what is the best governance structure for the Police and Families Credit Union through the 21st century” is being sought. Society has changed greatly over the last 45 years and the Board must have the flexibility to meet the needs of our members into the future.
With this in mind the Board recently appointed Helen Hatchard as an Executive Director with a focus on future board diversity. Helen is the first member of our Board that has not come from the traditional route of being a sworn or retired police officer. I am very proud of the direction and leadership that Helen has brought to our Credit Union over the last 3 years. Her Board appointment, for a period of 3 years, with a focus on board diversity will undoubtedly help shape governance well into the future. Congratulations Helen.
Chairman of the Board