The number of new credit union applications received from 1 January 2010 to 29 May 2015, how many were successful and the average time between application and approval

We publish details of a selection of requests made under the Freedom of Information Act 2000, and the information we disclose in response.

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.

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