More regulatory changes are expected over the coming months, including the following:
- Level of Regulation- There are changes to the size categories the PRA use to regulate Credit Unions. Now Credit Unions with over £15million assets will have named supervisors and be subject to a higher degree of scrutiny. Credit Unions over £40million in assets will be subject to annual visits.
- Single Customer View (SCV)- From December the time limit for being able to produce the SCV is reduced to 24 hours. At the same time the exemption from producing the data electronically, available to small organisations, will disappear.
- Annual Return- The PRA have stated that they are looking at the layout of the annual return form and considering a move to electronic reporting.
- Whistleblowing- Chapter 12 of the new PRA Credit Union Rulebook comes into force on 7 September this year.