April 2014- Legislative Update

There have been a number of recent changes to the legislation affecting Credit Unions:

  • Co-operative and Community Benefit Societies Bill-The bill has progressed through both Houses and is now waiting on Royal Assent before it becomes law. The aim of the bill is to consolidate and simplify the existing Industrial and Provident Societies legislation. We will provide a more in-depth blog on the bill once it becomes law.

The following three statutory instruments came into force on 6 April 2014:

  • The Co-operative and Community Benefit Societies and Credit Unions (Investigations) Regulations 2014- The order expands the regulator’s powers to obtain information.  This means that the FCA can:
      • appoint inspectors to investigate the affairs of a Credit Union
      • require documents and information recorded in any form.
  • The Industrial and Provident Societies and Credit Unions (Arrangements, Reconstructions and Administration) Order 2014- The Order enables the use of company voluntary arrangements and administration for Credit Unions in a manner similar to that for companies. 
  • The Industrial and Provident Societies and Credit Unions (Electronic Communications) Order 2014-  Allows the FCA to accept registration documents electronically.

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