On 31 May 2023, the FCA published a new webpage on changes to credit union legislation in Great Britain. The webpage explains the proposed changes for credit unions set out in the Financial Services and Markets Bill (which is currently going through Parliament) and what firms should do if they would like to take advantage of the proposed new powers.

If the changes are passed by Parliament as currently drafted, the range of products or services a credit union can offer will increase. It will be up to each credit union to decide whether to offer these additional products and services, but if they do they will first need to complete several steps, including:

  • Passing any necessary rule amendments and submitting these for registration with the FCA.
  • Applying for, and obtaining, relevant permissions under the Financial Services and Markets Act 2000 if they do not have them already.