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The PRA have issued Supervisory Statement 28/15 Update 2. The Supervisory Statement provides guidance on what the PRA expect with regard to the new regime. The statement provides useful guidance on areas such as regulatory references and assessing non-executive directors and the fit and proper rules.  All Credit Unions should therefore familiarise themselves with the statement. The statement can be found by clicking here.

The guidance only covers PRA rules and it is worth remembering there are significant differences with the FCA rules in a wide range of areas such as who is covered by the regimes (see previous posts) and notification time limits (7 days for disciplinary action against PRA certified functions and annually for FCA certified functions).