Transitional Provisions and Schedules

Part

CRED Credit Unions

Chapter

Transitional Provisions and Schedules

Printed on: 05/07/2024

Rulebook at: 28/08/2007

Transitional Provisions and Schedules

CRED TP 1

Transitional provisions

CRED TP 1.1

Transitional provisions

(1)

(2) Material to which the transitional provision applies

(3)

(4) Transitional provision

(5) Transitional provision: dates in force

(6) Handbook provision: coming into force

Every rule in the Handbook relating to a credit union

Where a transitional provision in the Handbook refers to "commencement", in relation to a credit union it means "credit unions day".

From credit unions day

varies depending on rule concerned

As for 1

Where a rule applies to a credit union, its related transitional provision will also apply. The effect of paragraph 1 is to ensure that the transitional provision applies from credit unions day (and not from the earlier date of commencement).

As for 1

CRED 15.5
CRED 15 Annex 3 G

Expired

CRED 17.6.5 R

In the year ending 31 March 2003, the relevant period is from 1 October 2002 to 31 March 2003.

from 1 April 2003

credit unions day

CRED 17.4.4 R - CRED 17.4.6

A credit union must apply CRED as it applied before amendment by the Depolarisation Instrument with respect to complaints received by a credit union before 14 January 2005.

From 14 January 2005

01/04/2005

CRED Sch 1

Record keeping requirements

01/12/2004

CRED Sch 1.1

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

It is not a complete statement of those requirements and should not be relied on as if it were.

01/12/2004

CRED Sch 1.2

Handbook reference

Subject of reference

Contents of record

When record must be made

Retention period

CRED 4.2.11 G

Apportionment of significant responsibilities

Record of arrangements and how responsibilities are shared.

Immediately

6 years

CRED 17.6.1 R

Complaints Handling

Specifies retention period of complaints.

From date of receipt

3 years

01/03/2006

CRED Sch 2

Notification requirements

01/12/2004

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

It is not a complete statement of those requirements and should not be relied on as if it were.

Handbook reference

Matter to be notified

Contents of notification

Trigger event

Time allowed

CRED 4.3.5 R

Business plan

Copy of business plan.

Upon request

As soon as reasonably practical

CRED 4.3.7 R

Policies and procedures manual

Copy of policies and procedures manual.
Wide range of detail as specified as guidance in Chapter 4.

Upon request

As soon as reasonably practical

CRED 4.3.9 R

Documented system of control

Systems of control.

Upon request

As soon as reasonably practical

CRED 6.3.12 G

Approved Persons

Application to perform a controlled function.

When applicable

Asap

Notice to withdraw application.

Asap

Notice of ceasing to perform.

Within 7 days of cessation

Notification of changes in application details.

Asap

CRED 7.3.10 R

Financial risk Management Policy

Statement of financial risk management policy.

On conversion to version 2

Upon request to convert to version 2

CRED 8.2.1B G

General notification

Any proposed repayment of subordinated debt

As soon as credit union aware

At an early stage

CRED 9.2.3 R

Liquidity

Liquidity Management Policy Statement for version 2 credit unions.

After adoption and/or review or amendment

As soon as reasonably practical

CRED 10.2.1 R - CRED 10.2.2 R

Lending Policy

Current lending policy statement.

After adoption and/or review or amendment

As soon as reasonably practical

CRED 10.4.6 G

Large Exposures

Limits on large exposures to avoid concentration of risk.

Upon request

As soon as reasonably practical

CRED 14.3.3 G

Appointment of Auditors

Notification of vacancy of auditor.
Notification of appointment of auditor.

As applicable

Immediately

CRED 14.3.21 G

Matters raised by auditors

Possible notification to the FSA of any written communication from its auditor commenting on internal controls.

When relevant

Immediately

CRED 14.3.30 G

Duties of auditors on ceasing to audit a credit union

Notification of his removal by the credit union.
Resignation before his term in office expires.
Is not re-appointed by a credit union

When applicable

Immediately

CRED 14.3.31 G

Duties of the auditors on ceasing to audit a credit union

Notification of any matter connected with cessation of duties that should be drawn to the FSA's attention or that there is no such matter.

When applicable

Immediately

CRED 14.7.11 G

Notification of altered circumstances relating to a waivers

Specifies the reference point the credit union must refer to if a waiver is no longer relevant or appropriate.

When applicable

Immediately

CRED 14.9.3 G

General notification

Credit union at risk of:
Failure to satisfy threshold conditions;
Reputation at risk;
Services to members at risk;
Any matter that may result in serious financial consequences.

When applicable

Immediately

CRED 14.9.5 G

General notification

Any proposed re-organisation that may have a significant impact.
Failure in systems or controls.
Material change to capital adequacy or solvency.

As soon as the credit union is aware

At an early stage

CRED 14.9.7 G

General notification

Breaches of rules or principles, statutory requirements or the prosecution or conviction of any of the committee of management.

As soon as the credit union is aware

Immediately

CRED 14.9.8 G

General notification

Significant civil proceedings, action for damages against the credit union or prosecution or conviction of the credit union.

As soon as the credit union is aware

Immediately

CRED 14.9.10 G

General notification

Fraud, irregularities and misconduct.

As soon as the credit union is aware

Immediately

CRED 14.9.12 G

General notification

Legal steps involving insolvency, bankruptcy or winding up.

As soon as the credit union is aware

As soon as possible

CRED 14.9.13 G

Core information requirements

Change in name, address or legal structure.

As soon as the credit union is aware

Immediately

CRED 14.9.16 G

Inaccurate, false or misleading information

Notification that information already provided is incorrect.

As soon as the credit union is aware

Immediately

CRED 14.10.4 G

Reporting :change of accounting reference date

The fact of a change in accounting reference date

A change in accounting reference date

If extending its accounting reference period, before the previous accounting reference date.
If shortening its accounting period, before the new accounting reference date.

CRED 14.10.5 G

Quarterly Return

Key financial data

Quarter end

1 month after quarter end

CRED 14.10.7 G

Annual Return

Extended financial data

Financial year end

7 months after financial year end

CRED 14.10.10 R

Audited accounts

Revenue account and Balance sheet

Financial year end

Until submission of Annual Return

CRED 17.6.6 G

Complaints report

Analysis of complaints.

31 March each year

1 month after period end.

CRED 17.6.8 R

Complaints report

Intention to stop submitting report in electronic format

When applicable

Immediately

CRED 17.6.9 R

Record Keeping & Reporting

Change in credit union contact for complaints handling.

As appropriate

Via the next quarterly return

01/03/2006

CRED Sch 3

Fees and other required payments

01/12/2004

CRED Sch 3.1

There are no requirements for fees or other payments in CRED.

The table below summarises the fee requirements for credit unions detailed elsewhere.

01/12/2004

CRED Sch 3.2

Description of fee

Reference

FSA fees rules relating to the periodic fee

FEES 4

Schedule of periodic fees payable

FEES 4 Annex 2 R Part 1

FSA rules relating to authorisation fees

FEES 3

Schedule of authorisation fees payable

FEES 3 Annex 1 R

FSCS funding rules

FEES 6

FOS funding rules

FEES 5

01/01/2006

CRED Sch 4

Powers exercised

01/12/2004

CRED Sch 4.1

The following powers and related provisions in or under the Act have been exercised by the FSA to make the rules in CRED:

Section 138 (General rule-making power)

Section 149 (Evidential provisions)

Section 156 (General supplementary powers)

Articles 9 (Designation of existing provisions to take effect as rules) and 10 (Modification of existing provisions) of the Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (SI 2002/1501)

01/12/2004

CRED Sch 4.2

The following powers in or under the Act have been exercised by the FSA to give the guidance in CRED:

Section 157(1) (Guidance)

Article 14 (Guidance on continued provisions) of the Financial Services and Markets Act 2000 (Consequential Amendments and Transitional Provisions) (Credit Unions) Order 2002 (SI 2002/1501)

01/12/2004

CRED Sch 5

Rights of actions for damages

01/12/2004

CRED Sch 5.1

The table below sets out the rules in CRED contravention of which by an authorised person may be actionable under Section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under Section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person (or his fiduciary or representative). If so, an indication of the type of person by whom the rule is actionable is given.

01/12/2004

CRED Sch 5.2

Right of action under section 150

Chapter / Appendix

Section / Annex

Paragraph

For private person?

Removed?

For other person?

All rules in CRED with the status letter 'E'.

All rules in CRED that require a credit union to have or maintain financial resources.

All other rules in CRED.

Yes

01/12/2004

CRED Sch 6

Rules that can be waived

01/12/2004

CRED Sch 6.1

The rules made in CRED can be waived by the FSA under section 148 of the Act (Modification or waiver of rules).

CRED includes guidance on rules made in other parts of the Handbook. Reference should be made to those parts of the Handbook concerning waiver of those rules.

01/12/2004

CRED Sch 7

[Deleted]

01/12/2004

CRED Sch 7.1

01/12/2004