Changes affecting members living in the European Union

We want to share an important update about how we support members of our police family who live in the European Union (EU).

The EU has introduced new legislation called the Capital Requirements Directive VI (CRD VI). From 11th July 2026, this changes the rules for financial organisations based outside the EU, including UK credit unions like ours, when providing savings and other banking services to people living in EU countries.

What’s changing

As a result of these new regulations, we will no longer be able to offer new accounts or new products to members who are resident in the EU.

• Members already living in the EU before 11th July 2026 can keep their existing accounts
• These accounts will move to a maintenance-only basis

We understand this will be disappointing, and it is not a decision we have taken lightly.

Why this is happening

CRD VI introduces a more complex regulatory framework for organisations like ours.

Although it sets an overall EU-wide approach, each country applies and supervises the rules differently. This means that continuing to provide full services across multiple EU countries would require us to meet different legal and regulatory obligations in each one.

After careful consideration, we concluded that this level of complexity and ongoing regulatory oversight is not viable for the Credit Union. To continue operating safely, responsibly, and in line with the law, we must make these changes.

What this means for members already living in the EU

If you were living in the EU before 11th July 2026, you can continue to hold your existing accounts with us.
You will still be able to:

• Keep your existing accounts open
• Withdraw funds and access account information
• Receive payments into your account (such as salary or pension, unless future rules change)

However, you will not be able to:

• Open new savings accounts or take out loans
• Apply for new products
• Make significant changes to existing accounts (for example, changing account type or adding account holders)

If a fixed-term product ends after this date, it cannot be renewed into a new term. The funds will need to be withdrawn or transferred to an eligible existing account.

If you move to the EU after 11th July 2026

If you become permanently resident in the EU after this date, we will no longer be able to provide services to you. This means your accounts will need to be closed, and we will support you through this process.

Looking ahead

We have taken a consistent approach to support all EU-resident members as fairly as possible while meeting our legal obligations. As regulations may continue to evolve, we will keep you informed of any further changes that affect you.

We’re here to support you

We are genuinely sorry that these changes affect how we can support some of our members. Supporting the policing community, wherever you live, has always been important to us, and we know this news may feel frustrating.

If you have any questions or would like to talk through your options, our team is here to help. You can call 0161 741 3160, or email us at info@no1copperpot.com

Thank you for your understanding and for continuing to be part of the Credit Union.