Date released: 2 June 2015
Disclosure:
Prior to 1 April 2013 credit union applications were processed by the Financial Services Authority (‘FSA’). From April 2013 credit union applications have been considered by both the Prudential Regulation Authority (‘PRA’) and the Financial Conduct Authority (‘FCA’), with the PRA as the lead regulator and responsible for leading on the authorisation process.
The table below provides figures in respect of new credit union applications.
|
Calendar Year |
Number of applications |
Approved |
| 2010 | 2 | 1 |
| 2011 | 4 | 3 |
| 2012 | 2 | 1 |
| 2013* | 4 | 3 |
| 2014 | 6 | 3 |
| 2015 (up to 29 May) | 3** |
* Covers period from 1 April – 31 December 2013
** Live applications
From 1 April 2013 to 29 May 2015 the average time to process an application for a new credit union up to approval was 39.8 weeks.