Question 1

What is Dial-A-Cab Credit Union?

Accepted Answer

Dial-A-Cab Credit Union was a specialized credit union based in London, United Kingdom, that served London taxi drivers and their families. As a member-owned financial cooperative, it provided savings and lending services specifically designed for members of the London taxi community. The credit union was regulated by both the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) under Firm Reference Number 213263 as a deposit-taker.

At the time of its closure, the credit union served approximately 1,250 members, providing them with access to affordable credit and secure savings facilities tailored to the unique needs of London's taxi driving community.

Question 2

When was Dial-A-Cab Credit Union founded?

Accepted Answer

[Information not publicly available regarding the exact founding date of Dial-A-Cab Credit Union Limited.]

The credit union was established to serve the financial needs of London taxi drivers, a profession with a long and distinguished history in the capital. It was affiliated with the broader Dial-a-Cab organization, one of London's prominent radio taxi circuits, though the two entities operated independently.

Question 3

When did Dial-A-Cab Credit Union close?

Accepted Answer

Dial-A-Cab Credit Union closed on 4 September 2018, when the High Court appointed Jo Milner and Stephen Cork of Cork Gully LLP as administrators. The closure followed an unannounced visit by regulators to the credit union's offices.

The Financial Services Compensation Scheme (FSCS) declared the credit union in default and stepped in to protect customers. FSCS paid over £21 million to nearly all 1,250 members within seven days of the failure being declared, covering up to £85,000 for individual accounts and up to £170,000 for joint accounts.

The FCA commenced an investigation following the administration, working closely with the PRA and liaising with police to ensure members were treated fairly throughout the process.

Question 4

Where was Dial-A-Cab Credit Union headquartered?

Accepted Answer

Dial-A-Cab Credit Union was headquartered in London, England. The credit union operated from offices in the capital city, serving its membership base of London taxi drivers and their families.

It is important to note that while the credit union shared a name with Dial-a-Cab Limited (the radio circuit located at 39-47 East Road, London N1 6AH), the two organizations were separate legal entities. The taxi radio circuit was unaffected by the credit union's administration.

Question 5

Where did Dial-A-Cab Credit Union operate?

Accepted Answer

Dial-A-Cab Credit Union operated exclusively in London, serving the city's taxi driving community. Its membership was drawn from London-based taxi drivers and their families, reflecting the specialized nature of its common bond.

As a credit union with a restricted membership field, it focused solely on serving individuals connected to the London taxi trade rather than operating across multiple regions or serving the general public.

Question 6

What services did Dial-A-Cab Credit Union offer?

Accepted Answer

As a credit union, Dial-A-Cab Credit Union offered traditional savings and lending services to its members. These services were specifically designed to meet the financial needs of London taxi drivers and their families.

The credit union provided members with access to affordable credit facilities, allowing them to borrow money at competitive rates. It also offered secure savings accounts where members could deposit funds and earn returns on their savings.

The institution's services were focused on providing financial support to a profession that may have faced challenges accessing mainstream banking services, offering a cooperative alternative where members had ownership stakes in the organization.

Question 7

What made Dial-A-Cab Credit Union unique?

Accepted Answer

Dial-A-Cab Credit Union's defining characteristic was its highly specialized membership base. Unlike general credit unions that serve broad communities or employment groups, it focused exclusively on serving London taxi drivers and their families.

This niche focus allowed the credit union to understand and cater to the specific financial challenges and needs of the taxi driving profession. The cooperative structure meant that members were both customers and owners, giving them a direct stake in the institution's success.

The credit union represented part of the broader mutual support network within London's taxi community, which has historically been known for its strong professional bonds and collective support systems.

Question 8

What type of financial institution was Dial-A-Cab Credit Union?

Accepted Answer

Dial-A-Cab Credit Union was a credit union, a type of financial cooperative that is member-owned and democratically controlled. In the United Kingdom, credit unions are authorized financial institutions that operate under specific regulatory frameworks.

Credit unions differ from banks in their structure and purpose. They are mutual organizations owned by their members, with profits returned to members through better rates and services rather than distributed to external shareholders. Each member typically has one vote regardless of their account balance, embodying the cooperative principle of democratic control.

The institution was regulated as a deposit-taker by both the PRA and FCA, placing it within the framework of UK financial services regulation and providing members with protection under the Financial Services Compensation Scheme.

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