Scott-Moncrieff appointed as Capital Credit Union auditor

Scott-Moncrieff has been appointed to provide internal audit services to Capital Credit Union, one of the largest credit unions in the UK, with more than 22,000 members and assets of more than £27 million.

It offers a broad range of competitive and ethical financial services including mortgages, loans and savings to anyone living or working in Edinburgh, the Lothians, Scottish Borders, Falkirk, Clackmannanshire, Fife, Angus and Dundee. The contract has a three-year duration.

The firm already acts for a number of other credit unions across the UK.

Scott-Moncrieff partner, Mark McRae, said: “This significant win reinforces our position as one of the leading providers of audit services to the main credit unions in the UK. This is a great achievement for the firm and it demonstrates the growing awareness of our services and quality of work within the sector. The potential is there for Credit Unions to grow, particularly as the gap between consumers and the traditional lending institutions widens and new software solutions enhance the service provision to investors and borrowers.”

There are currently around 420 credit unions in the UK, offering an alternative to borrowing from, or saving with, national banks. Credit unions are owned and democratically controlled by members and provide a range of financial services including loans and savings accounts.