Who is the First Rate Credit Union? Formed in 1982, the First Rate Credit Union Ltd is owned and run by current and retired e ... mployees of BAE Systems plc. The First Rate Credit Union is recognised by BAE Systems. We are authorised and regulated by the Financial Conduct Authority. Their website is www.fca.org.uk. First Rate Credit Union is a member of the Association of British Credit Unions Ltd, (ABCUL). Their website is www.abcul.org. Who Runs First Rate Credit Union? The credit union is run by its members. At the Annual General Meeting members elect the following committees: - The Board of Directors - Internal Audit (formerly known as The Supervisory Committee, and classed as non-executive directors) The Board of Directors decides the overall policy on loans and dividends. The Internal Audit/ Supervisory Committee acts as Trustees to oversee the accounts and the governance of First Rate Credit Union on behalf of the membership. All members of these committees are members of First Rate Credit Union. How do I Join First Rate Credit Union? By filling out a Membership Application form which is available on our website (https://cusecureserver.co.uk/~frdigital/) or direct from one of our three offices at Warton, Samlesbury and Barrow. You must supply us with both proof of identity and proof of address. read more