Promethion Limited is authorised and regulated by the Financial Conduct Authority to provide investment advice to professional clients and eligible counterparties.
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Research to scope the establishment of a credit union to serve the logistics industry: regulatory framework, IT platforms to support operations, outsourced services.
The client wished to investigate the possibility of establishing a credit union to provide employees with access to personal financial services and employers' with additional finance for staff training.
In order to scope the project it needed an in-depth summary of the legal and regulatory issues relating to the project and the professional and IT services available to set-up and support the business after launch.
A detailed analysis was undertaken to scope the project, including:
Structure of the industry and different types of credit union
Legislation governing credit unions
Size distribution and financial performance
Sources of public funding
Key providers of IT infrastructure to the sector
Other service providers (audit, legal, compliance)
Shared resource platforms and outsourcing possibilities
Profile of other credit unions with similar objectives
Drafting operational processes and manuals
Staff availability and optimal head office location
Promethion produced a detailed report setting out the roadmap to launch with a full description of each of the key factors and associated budget necessary for the project to proceed.
This information was used to structure a formal board proposal to undertake the project.