The PRA and FCA have jointly published Consultation Paper 15/21: Reform of the legacy Credit Unions sourcebook (CP15/21).
The PRA proposes to delete its version of the Credit Unions sourcebook (CREDS) and replace it with a new Credit Unions Rulebook Part. The PRA’s proposals deal exclusively with matters affecting the financial safety and soundness of credit unions. The PRA’s proposals also take into account feedback on the regulatory approach received by HM Treasury in response to its Call for Evidence: British Credit Unions at 50 and also the impact on Northern Ireland credit unions of the restrictions in CREDS.
At this stage the FCA is not proposing to make significant changes to its version of CREDS. The changes it proposes are mainly consequential on those being made by the PRA.
The deadline for comments on CP15/21 is 30 September 2015.
View CP15/21: Reform of the legacy Credit Union sourcebook, 24 June 2015