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Home > Prudential Regulation Authority > Credit union regulatory reporting – PS31/16
 

Credit union regulatory reporting – PS31/16

14 November 2016

Overview

This Prudential Regulation Authority (PRA) policy statement (PS) provides feedback to responses to Consultation Paper (CP) 24/16 ‘Credit union regulatory reporting’ (the CP) and sets out final rules, updated notes on completing credit union returns which change the format and frequency of reporting requirements that apply to credit unions, and updated annual and quarterly returns.

This PS is relevant to credit unions.

In CP24/16 the PRA proposed to:

  • require electronic submission of credit union returns;
  • move the credit union reporting rules from the Regulatory Reporting Part to the Credit Unions Part;
  • update the notes on completing credit union returns; and
  • update existing quarterly and annual returns to align with the data requirements of the Credit Unions Part introduced in February 2016 (PS4/16 – see Related Links).

The PRA proposed that these changes would take effect from Tuesday 3 January 2017.

No material changes have been made to the proposals in the CP.

The final rules, reporting templates and notes which will take effect from Tuesday 3 January 2017, are provided in the appendices to this PS. By week ending 11 November 2016, SS34/15 ‘Guidelines for completing regulatory reports’ will be updated to remove from its appendices, the notes for completing credit union returns (appendix 3a and 3b) which are available on the ‘Credit unions - Forms and guidance' page - see Related Links. The notes on completing returns will also be included in the appendices to SS2/16 ‘The prudential regulation of credit unions’ on Tuesday 3 January 2017.

Implementation

Credit unions will be required to use the Bank of England’s Electronic Data Submission (BEEDS) portal for the submission of quarterly and annual returns. The PRA is working towards having the portal available for credit unions to access from Tuesday 3 January 2017. On Monday 14 November, the PRA supervision team will be contacting credit unions to request some basic details to grant access the BEEDS portal. This will include a request for the nomination of a ‘principal user’ who will: i) act as the main contact for the PRA with respect to BEEDS; ii) complete the credit union’s registration on BEEDS; and iii) be able to register additional users and submit returns. Credit unions should ensure they respond to the request by Friday 9 December 2016.  Following this, further instructions on how to access BEEDS and an information guide will be sent directly to the nominated principal user.

Details of BEEDS, including how to access it and support, and the updated reporting notes and templates are available on the ‘Credit unions regulatory reporting – supporting materials’ webpage. Firms with a 30 September year end wishing to submit their quarterly return for the period ending 31 December 2016 should wait until 3 January 2017, when the new notes and templates take effect.

Policy statement

Credit union regulatory reporting – PS31/16

Appendices

  1. PRA Rulebook: Non-CRR Firms: Credit Unions Instrument (No.2) 2016
  2. Notes on completing the quarterly and annual returns (‘CQ’ and ‘CY’) for credit unions
  3. Quarterly return (CQ) template
  4. Annual return (CY) template

The policy outlined above does not take effect until Tuesday 3 January 2017. Updates referred to in Appendices 2-4 are available for information on the ‘Credit unions reporting – supporting materials’ webpage - see Related Links.

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