Firm details
Thursday 11 January 2024
Credit unions are required to check or update their firm data with the Financial Conduct Authority (FCA) (previously known as standing data) annually, within 60 days of their financial accounting period. However, due an implausibly low number of updates to firm’s details, FCA has decided to require firms to actively confirm that their details are correct.
In addition, the exemption for credit unions to submit their firm details via post and email will be removed. Credit unions will need to make of all their corrections using the FCA’s Connect System. The vast majority of credit unions already use this system for administering the Senior Managers’ Regime.
Credit Union Firm Details
Credit unions need to amend or confirm the accuracy of its firm details through the connect system within 60 days of submitting its annual return each year. Credit unions will find their firm details by looking themselves up on the Financial Services Register and the Mutual Societies Register. The full list of firm details items that need to be checked for accuracy can be found here.
In order to submit corrections to firm details credit unions need to:
- Use the FCA Connect system here
A credit union may correct their firm details more regularly and should do so if there has been a significant change to credit union’s firm details.
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