The PRA has updated its credit union webpage to set out the next steps for credit union regulatory reporting.

The PRA mentions that the consultation period for Consultation Paper 24/16: Credit union regulatory reporting closed on 5 September 2016. The PRA is now reviewing responses and is aiming to issue a Policy Statement by the end of this year with new rules taking effect on 3 January 2017.

In the consultation the PRA proposed that credit unions only enter or upload their quarterly and annual returns and regulatory data electronically on a system. The PRA anticipates that credit unions will use the system to submit the December 2016 quarterly return and the annual return for the period ended 30 September 2015.

Credit unions who would usually submit their annual return prior to January 2017 should send their annual accounts – but not their return – to the PRA via their usual method. This change in reporting should have no bearing on any credit union wishing to hold its annual general meeting, sign off its accounts and pay its members a dividend prior to January 2017.

View PRA update on credit union regulatory reporting, 24 October 2016