The Financial Services and Markets Bill is currently at the Report Stage at the House of Lords. Its journey can be followed by clicking here. Its now at the third reading of the House of Lords.
With the bill progressing through parliament, the FCA have written to Credit Unions on the proposed changes. The FCA have stated they will not consider applications to offer the new products until the Bill has received Royal Assent and the Credit Union has updated its rulebook and this has been approved by the members and FCA. They have asked for Credit Unions planning on offering the new products to contact the FCA with the timeframe on when the Credit Union plans to apply.