Which of the following is always structured as a financial co-operative?

• A. MIFID investment firm
• B. Credit union
• C. Life assurance company
• D. Retail bank

Answer: (B)

Credit unions are financial co-operatives by design. They’re owned and controlled by the members who use their services, with governance typically on a one-member-one-vote basis, and profits returned to members through better rates, lower fees, or dividends. That cooperative ownership model means they are inherently structured as financial co-operatives.

MiFID investment firms are regulated service providers that can be privately or publicly owned and aren’t defined by a cooperative ownership structure. Life assurance companies and retail banks are usually corporate entities owned by shareholders (even if some exist as mutuals), and aren’t inherently co-operatives.