News and Blog

PRA Letter to Credit Unions on Covid-19

The PRA have today issued a letter to Credit Unions on Covid-19. The letter contains a number of key points for Credit Unions to consider. Provisioning The PRA allows Credit Unions to apply to the PRA for a modification to

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Coronavirus: Regulators

There have been a number of recent announcements by both regulators since the Coronavirus outbreak. We include a summary of some of the main headlines and links to more information.  PRA Credit Unions were added to the list of businesses

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Coronavirus: Data Security

At the current time everyone is struggling to cope with the Covid-19 pandemic.  There are limited goods, greater anxiety, restrictions on movement and an increase in home working. Unfortunately, these conditions also present opportunities to criminals and there has been

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Coronavirus Job Retention Scheme

There have been a number of questions about the Scheme since it was announced last week.  The updated guidance from the Government may not answer all those questions but there is now at least a bit more clarity to assist

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New Capital Requirements: Transfer Requirements

Many large Credit Unions will be looking to see what the new capital requirements mean to them.  Under the new requirements the minimum capital requirements for large Credit Unions will reduce from 10% with the actual percentage depending on the

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Coronavirus: Government Support

On Friday 20 March 2020 the Chancellor announced the UK Government’s latest measures to financially support businesses and employers affected by economic turmoil resulting from its efforts to combat the Covid-19 outbreak.   The announcement on 20 March follows previous statements

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PRA Announce Capital Changes

The PRA have today published Policy Statement 6/20. This statement introduces their proposed capital changes which were set out in Consultation Paper 28/19. The changes will make a large difference to Credit Unions with assets over £10 million with a

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Budget 2020

The Budget had some big news for Credit Unions. The Chancellor announced that the Government was bringing forward reforms to the Credit Union Act to allow Credit Unions to offer members a wider range of products and services. The limitations

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FCA Reporting Deadlines

From 30 January, Credit Unions will be required to review and confirm their details annually via the Connect System. The confirmation will be required within 60 days of the year end date.  Credit Unions must also supply details of their

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Operational Resilience Consultation Papers

In December 2019, the regulators issued a number of consultation papers on Operational Resilience.  FCA CP 19/32 looked at impact tolerances for important business services. The papers follow many of the key principles outlined by the regulators in DP 1/18,

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