Your bank. Your vote.
Wessex Community Bank is owned by its members, so the way we’re governed matters. There are no outside shareholders sitting above the people who actually use the bank.
Our Board is responsible for the direction and oversight of the bank, while the Chief Executive and management team run it day to day. Members have a say too, with one member, one vote — regardless of how much money they have with us.
Who makes sure we’re doing things properly?
Banking comes with a lot of regulation, but the important bit is pretty simple. We’re independently regulated, members have formal protections and the bank has to meet strict financial standards.
We’re a fully regulated financial institution
We’re authorised by the Financial Conduct Authority and regulated by the Prudential Regulation Authority. In plain English, independent regulators oversee how we operate and how we look after members’ money.
There are protections if something goes wrong
Eligible deposits are covered by the Financial Services Compensation Scheme. We’re also part of the Financial Ombudsman Service, giving members an independent route for eligible complaints.
And we’re accountable to our members
Wessex Community Bank is a registered mutual society. That means we’re owned by our members rather than outside shareholders, with one member, one vote.
What does financially strong actually mean?
You shouldn’t need to understand a bank balance sheet to know whether your bank is being run carefully. Here are the bits that matter.
Want the formal regulatory details?
- Authorised by the Financial Conduct Authority — Firm Reference Number 213757.
- Regulated by the Prudential Regulation Authority.
- Participates in the Financial Services Compensation Scheme.
- Member of the Financial Ombudsman Service.
- Member of FairLife Charity.
- Member of Co-operatives UK.
- Registered Mutual Society 641C.
How strong is the bank?
Let's take a quick look at some of the numbers that tell the story.
We’re not being propped up by outside funding.
Wessex Community Bank operates without subordinated loans, deferred shares, external borrowing or grant support.
Being self-sufficient didn’t happen by accident.
Some financial institutions rely on subordinated loans, grants, deferred shares or other outside funding to support their capital or keep the business moving. We don’t.
We’ve built our capital and reserves from within the bank. That gives us greater financial independence and means we’re not relying on somebody else continuing to provide support.
It reflects years of disciplined leadership, careful management of risk and costs, and a deliberate decision to build a bank that can stand on its own feet.
Strong finances built from within.
We have built a well-capitalised, highly liquid bank without relying on subordinated loans, deferred shares, grants or external borrowing. That gives us a strong base from which to keep supporting members and developing the bank.
How we got here.
Wessex Community Bank has changed quite a lot since we began in 2001. Pick a year and see some of the moments that shaped the bank we are today.
Where it began
A small credit union with a simple idea.
Portsmouth Savers Credit Union was born.
Portsmouth Savers Credit Union was founded in December 2001. The idea was straightforward: give local people somewhere fair and accessible to save and borrow.
Growing beyond Portsmouth
Hampshire became our home.
Our membership area expanded across the county.
In 2007 our common bond expanded across Hampshire. What had started as a very local credit union was beginning to become something much bigger.
Across the Solent
Then the Isle of Wight joined us.
Our community grew to both sides of the Solent.
The Isle of Wight Credit Union became part of the organisation, bringing its members into the growing Wessex community and extending our reach across the Solent.
A major change
Banking was changing. We changed with it.
Online and mobile banking became a much bigger part of Wessex.
We invested heavily in digital banking and introduced online and mobile services, while keeping the telephone and personal support many members valued. The Wessex Community Bank name reflected the broader organisation we were becoming.
A different idea about borrowing
What if paying off a loan could leave you with something?
The Cashback Loan turned repayments into savings too.
That idea led to our Cashback Loan. Part of each payment reduces the loan and part builds savings. Instead of simply reaching a zero balance, members can finish with money already put aside for themselves.
The Foundation
We wanted the bank to do more outside banking too.
The Wessex Community Bank Foundation was created.
We created the Wessex Community Bank Foundation to support local groups, charities and grassroots projects through grants and other practical community support.
Another big step
Our map got bigger again.
Wessex became a genuinely regional community bank.
Our membership area expanded further across Central Southern England, including Bournemouth, Reading, Newbury, Woking and Guildford.
A new home
We moved our head office to Fareham.
A new base for a much more digital bank.
Our move to Fareham gave the bank a modern head office and a stronger base for the next stage of its development and increasingly digital way of working.
Still cooperative. Very different bank.
Today Wessex Community Bank serves communities across Central Southern England. We remain member owned and financially independent, but the organisation looks very different from the credit union that started in 2001. We’ve taken ideas from successful cooperative banking models in countries such as Germany and the United States and built our own version around the communities we serve here.
Meet the management team.
Running a community bank brings a lot of responsibility. Our Board provides oversight and challenge, while our Chief Executive leads the bank day to day. Tap or click anyone below to get to know them.