The PRA has today issued consultation paper 24/16 which sets out proposals to change the quarterly and annual returns for Credit Unions. Under the proposals the layout of the returns would change with most of the changes being to bring the returns into line with the new PRA Credit Union Rulebook. Some of the changes to the layout include:
- The section on risk adjusted capital would be removed and instead the capital to asset ratio would be calculated.
- The level of shares over the FSCS limit would be disclosed in the new returns.
- Details of where surplus funds are deposited would be disclosed with the returns.
- The breakdown of arrears would now show loans split between 3-6 months, 6-9 months, 9-12 months and over 12 months.
One of the other key proposals is that the returns would only be submitted to the PRA electronically.
It is proposed that the changes would take place from 3 January 2017. The consultation closes on the 5 September 2016. For more information please click here.