First published on 1 February 2016
This supervisory statement sets out the Prudential Regulation Authority’s (PRA’s) expectations of credit unions with regards to the Credit Union rules. It applies to all UK credit unions as defined in the Credit Union Rulebook Part.
Areas covered include:
- additional activities;
- maximum deposit levels;
- fixed-rate shares and deposits;
- investments; and
- governance and organisation;
This statement is intended to be read together with the rules contained in the Credit Union Rulebook Part. This statement is relevant to credit unions.
The statement seeks to advance the PRA’s statutory objective of promoting the safety and soundness of the firms it regulates by setting out the PRA’s expectations of how credit unions should comply with core elements of the regulatory framework contained in the Credit Union Rulebook Part.