The FSA has set out its rulebook which 700 UK credit unions must abide by when regulation of credit ...
The FSA has set out its rulebook which 700 UK credit unions must abide by when regulation of credit unions come into effect on 2 July 2002, and is also hosting a series of training sessions on the subject in spring.
Seminars and workshops will be undertaken in conjunction with credit unions' trade associations and are intended to help credit unions understand the new requirements set out in the Credit Unions Sourcebook and to plan for their requirements.
Created as a result of pre-consultation with credit union movement, the credit union sourcebook and is hoped to increase consumer confidence in the financial soundness of credit unions, which have around 300,000 members and approximately £200 million in assets.
Key personnel running credit unions will also have to meet standards set out in the FSA's rules for Approved Persons.
Moreover, credit unions will have to meet basic solvency tests and maintain a level of initial capital while capital requirements will be set for larger credit unions.
Unions will be expected to contribute to the Financial Services Compensation Scheme from July 2002 and will have to operate an effective complaints system which refers cases to the Financial Ombudsman Service.
For more information contact the Credit Union branch of the FSA on 020 7676 3232 or click thru the right-hand link
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