Both the PRA and FCA are close to finalising their new rules that will replace the current approved persons regime. At the end of March the PRA published PS3/15 which sets out its amended proposals for the new regime. The key change for Credit Unions is that the gross asset threshold for a small Credit Unions is to be increased from £25m to £250m. This will mean all British Credit Unions will be able to use the simpler rules within the proposals.
The FCA has also published CP15/9 which sets out planned changes to their earlier proposals. This includes allowing simpler responsibility maps for Credit Unions meeting the PRA definition of a small Credit Union.
Both documents are not easily located on the regulators website. The PRA Policy Statement can be accessed by clicking here while the FCA consultation paper can be access by clicking here. The final proposals are expected in the next few months.