Governance
at Plane Saver Credit Union
Plane Saver Credit Union operates under a cooperative governance structure that ensures accountability to our members and full compliance with UK financial regulation.
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​Governance Overview
Plane Saver Credit Union is a not-for-profit financial co-operative, owned and democratically controlled by its members.
We are authorised by the Prudential Regulation Authority (PRA) and regulated by both the Financial Conduct Authority (FCA) and the PRA.
Like all UK credit unions, Plane Saver adheres to the Credit Unions Act 1979 and provides members with full protection for their savings through the Financial Services Compensation Scheme (FSCS).
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Plane Saver Credit Union’s governance framework combines member democracy, independent oversight, and regulated financial accountability.
Through its volunteer-led Board, specialist committees, professional audits, and advisory expertise, Plane Saver continues to uphold the highest standards of cooperative governance in serving its members.
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Board and Committees
The credit union is governed by a volunteer Board of Directors, elected by members at the Annual General Meeting (AGM).
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All Board members are unpaid volunteers drawn from the membership, supported by an Expert Advisory Panel that provides specialist guidance on governance, finance, and regulatory matters.
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The Board carries collective responsibility for setting the organisation’s strategic direction, approving policies, and overseeing risk and financial management.
To support its work, the Board has established several key committees, each with a defined remit:
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Treasury and Finance Committee
Assists the Board in safeguarding the integrity of Plane Saver’s financial reporting and internal controls. The Committee oversees financial performance, reporting accuracy, and the effectiveness of internal and external audit processes.
Risk Committee
Provides leadership and oversight of the credit union’s overall risk framework. The Committee reviews and advises the Board on current and potential risk exposures, risk appetite, and tolerance levels. It ensures that Plane Saver’s risk management framework is effective, monitored, and consistently applied across the organisation.
Nominations & Succession Committee
Ensures that the Board retains the right balance of skills, experience, and diversity to support Plane Saver’s strategic objectives. The Committee oversees a formal, rigorous approach for the recruitment and appointment of Non-Executive Directors, as well as ongoing Board succession planning.
Community Engagement Committee
Supports the Board and Management in strengthening relationships with current and prospective member communities. The Committee provides oversight and assurance to the Board on Plane Saver’s involvement in community engagement activities and ensures that initiatives align with the organisation’s purpose and objectives.
Mergers Committee
Oversees and evaluates potential mergers or significant partnerships. The Committee provides recommendations to the Board to ensure alignment with Plane Saver’s long-term strategy, financial sustainability, and regulatory obligations.
Independent internal audits are carried out by external specialists, providing ongoing assurance of integrity, transparency, and regulatory compliance.
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Leadership
The Chair of the Board, Joy Maitland MBE, combines deep expertise in executive coaching and business psychology with a strong track record in developing high-performing leaders and teams. Her approach to governance is grounded in strategic clarity, accountability, and care for members’ interests.
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Ian Atkins, a founding member with significant experience in the UK credit union sector, serves as Vice Chair.
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Membership and the Annual General Meeting
Plane Saver Credit Union upholds the “one member, one vote” principle at the heart of the cooperative model. Every member has an equal voice at the Annual General Meeting. A quorum of fifteen members is required for formal decision-making at general meetings.​​
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Expert Advisory Panel
The Expert Advisory Panel provides strategic and specialist advice to support and strengthen Plane Saver’s governance and long-term development.
It serves as a forum for robust, high-level dialogue, enabling the Board and senior management to explore new ideas, address challenges, and identify opportunities to enhance value for members.​​