News and Blog

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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Retention Periods

With the introduction of GDPR there has been many Credit Unions raising questions as to how long documents should be kept.  The general requirement under GDPR is that you should not keep personal data longer than you require. Before you

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Privacy and Electronic Communication Regulation

The Privacy and Electronic Communications Regulations (EU Directive) Regulations 2003 (PECR) has been updated a number of times over the last few years. The latest set of changes came into effect on 17 December 2018. The latest amendments lets the

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Operational Resilience- Regulators Approach

What is Operational Resilience? The operational resilience of financial institutions is fundamental to the objectives of both the FCA and the PRA and therefore this topic is high on the regulators’ agenda. In August 2017, the PRA’s letter to Version 4

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Business Continuity Plans

Business continuity plans will be a key component of your approach to operational resilience. While there are differences between Business Continuity Plans and Disaster Recovery Plans the terms are often used interchangeably and have been for the purposes of this

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Making Tax Digital

Making Tax Digital (MTD) is a HMRC initiative to make the reporting of taxes for individuals and businesses easier and in a near real time regime uses electronic means. PAYE is already working under a real time regime since the

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PRA 2018 Letter to Credit Unions

The PRA has sent its annual letter to version 5 Credit Unions. There are three versions of the letter. The version you receive depends on your size and rate of growth. It is important that all Credit Unions review the

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