Key features of the FSA regime for credit unions:

• You have to meet a basic test of solvency. Additional capital requirements are set for larger credit unions, reflecting their potentially greater impact on consumers should they fail.
• You have to maintain a minimum liquidity ratio.
• Key personnel running credit unions have to meet the standards set out in the FSA’s rules for approved persons.
• Senior management of a credit union must take reasonable care to plan, direct, manage and maintain systems and controls as are appropriate to the business of their credit union.
• You have to meet our rules on money laundering. These include requirements for appointing a money laundering reporting officer, identification of members, training, internal and external reporting.
• You have to operate an effective complaints scheme, with members having access to the Financial Ombudsman Service if they are not satisfied with the way their complaint has been handled.
• Members have access to the Financial Services Compensation Scheme providing them with protection of their deposits should your credit union fail.  .
  

Specialist sourcebook

Our regulatory requirements for credit unions are in the Credit Union sourcebook (CRED), which forms part of the FSA's Handbook of Rules and Guidance.

Changes to CRED are made through FSA legal instruments. A list of all CRED instruments is available.

FSA Register

The FSA Register is a public record of financial services firms, individuals and other bodies that fall under our regulatory jurisdiction as defined in the Financial Services and Markets Act 2000.

We encourage you to look at the information we hold on the approved persons of your credit union on the FSA Register.  If the information is incorrect, you need to contact us so that we can update the records. 

If we are not kept up to date we will not be able to contact the right person when we need to write or speak to your credit union.