News and Blog

PRA Consult on Changing Capital Requirements

The PRA have launched a consultation on changing the capital requirements for Credit Unions.  Large and Growing Credit Unions The current capital requirements have restricted the growth of a number of Credit Unions. When  Credit Unions currently hit £10million in

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The Directory

When the Senior Managers Regime was introduced the number of individuals listed on the Financial Services Register decreased. As a result the register no longer records all Credit Union Directors and only includes these registered under the Senior Manager Regime.

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PRA Annual Review of the Sector 2019

The PRA have sent their annual review of the sector letters out to Credit Unions. This year there are only two versions of the letter- one for large category 5 Credit Unions and one for smaller Credit Unions. Some of

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Annual Credit Union Statistics

The Prudential Regulation Authority has released their 2018 Credit Union statistics. We have carried out our annual examination of the results for Scotland, England and Wales and what they tell us about the British Credit Union sector. Loans have again

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Preparing for your year end audit

With most credit unions’ financial year end fast approaching we take a look at preparing for your year end.  Focus of the auditorThe role of the auditor is to carry out a check of your year end accounts in accordance

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Passphrases rather than passwords

 In a world with GDPR and an ever increasing number of cyber attacks it is vital that Credit Unions have proper security in place. Passwords will form one of the fundamental security measures in your system but passwords can often

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Operational Resilience Approach

Operational resilience is becoming ever more important to Credit Unions. With UK banks being hit by more than one security or IT issue, that potentially stops payments, every day it is understandable why the regulators are focusing on this issue. 

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Preparing for Brexit

Brexit is fast approaching. No one knows what will happen or all the implications but some planning points to consider are set out below: Data Security GDPR is unfortunately here to stay. The Government confirmed in December that even with

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Fraud Alert: Individuals bank details

In recent months there has been a rise in frauds committed by fraudsters sending emails claiming to be from employees changing their bank details. There have been similar frauds where the fraudster claims to be either a suppliers or member

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Coping with the new Capital Requirements

New Requirements On the 30th September 2018 the capital requirement for large Credit Unions increased with the introduction of the 2% capital buffer. This represents a major increase in the capital requirements for large Credit Unions. The new limits apply

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