The Prudential Regulation Authority have published a new article on their website focusing on the treatment of Credit Union Dormant Accounts. They make a number of points:
- Single Customer View must be able to detail each member’s balance including the amount attributable to dormant members.
- Dormant balances can not be used as part of the Credit Union’s capital
- For regulatory returns there is no difference between dormant accounts and active accounts.
Credit Unions should ensure that they are following the rules. The article can be found on the PRA website.