CRED 15
Decision procedure,
penalties and enforcement
CRED 15.1
Application and purpose
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CRED 15.1.1
See Notes
This chapter applies to credit unions and is intended to draw their attention to:
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CRED 15.1.2
See Notes
The FSA's effective
and proportionate use of its investigation and enforcement powers plays an
important role in the pursuit of its regulatory
objectives.
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CRED 15.2
Industrial and Provident Societies legislation
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CRED 15.2.1
See Notes
The FSA's investigation
and enforcement powers in the Industrial and Provident Societies Act 1965,
the Friendly and Industrial and Provident Societies Act 1968 and the Credit
Unions Act 1979, although its main powers derive from the Act and the Unfair Terms Regulations.
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CRED 15.2.2
See Notes
For ease of reference:
- (1) Annex 1 to this chapter (CRED 15 Annex 1 G) contains a table of the FSA's investigation and enforcement powers under the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979.
- (2) [deleted]
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CRED 15.3
Decision Procedure and Penalties manual
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CRED 15.3.1
See Notes
The Decision Procedure and Penalties manual (DEPP) is relevant to credit unions because it sets out:
- (1) the FSA's decision making procedure for giving statutory notices (warning notices, decision notices and supervisory notices); and
- (2) the FSA's policy with respect to the imposition and amount of penalties under the Act.
- (3) [deleted]
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CRED 15.4
Enforcement Guide
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CRED 15.4.1
See Notes
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CRED 15 Annex 1
Enforcement Powers
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See Notes
| SUBJECT | SECTION OF THE RELEVANT ACTS | |
| CANCELLATION OR SUSPENSION OF REGISTRATION | ||
| Power to cancel the registration of a credit union | Industrial & Provident Societies Act 1965, s.16 as applied by Credit Unions Act 1979, s.20(1) | |
| Power to suspend the registration of a credit union | Industrial & Provident Societies Act 1965, s.17 as applied by Credit Unions Act 1979, s.20(1) | |
| INSOLVENCY PROCEEDINGS | ||
| Provision of information: when a credit is in receivership | Industrial & Provident Societies Act 1965, s.43 | |
| Provision of information: when a credit union is subject to a creditors' voluntary liquidation | Industrial & Provident Societies Act 1965, s.59 | |
| INFORMATION GATHERING AND INVESTIGATION POWERS | ||
| Power to require information from individuals who are, or have been, officers of a credit union | Industrial & Provident Societies Act 1965, s.48 extended by Credit Unions Act 1979, s.17(1) | |
| Power to appoint an investigator to look into the affairs of a credit union | Industrial & Provident Societies Act 1965, s.49 extended by Credit Unions Act 1979, s.18(1) | |
| AUDITING OF ACCOUNTS | ||
| Power to require the financial accounts of a credit union for past years to be audited | Industrial & Provident Societies Act 1965, s.9(c) | |
| COMPULSORY WINDING UP | ||
| Power to petition the court for the winding up of a credit union | Credit Unions Act 1979,s.20(2) | |
| PROSECUTION OF CRIMINAL OFFENCES | ||
| Power to prosecute offences under the Industrial & Provident Societies Act 1965, Industrial & Provident Societies Act 1968 and the Credit Unions Act 1979 | Credit Unions Act 1979,s.28 | |
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