Consumer Duty
Update 13/03/2026 – Consumer Duty Good and Poor Practice Examples to Improve consumer understanding of financial products and services The...
See MoreCompliance
Credit unions have a duty to comply with a range of regulatory and legislative requirements. The Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA) regulate the operations of the credit union and monitor the credit union’s ability to satisfy a range of criteria designed to protect the consumer. Enforcing compliance means ensuring that the credit union adheres to the regulations stated.
The credit union’s ultimate goals should be:
• A strong, flexible and cost-effective platform of compliance capable of meeting changing business, regulatory and stakeholder expectations
• Achieving compliance as an integral feature of a well-managed business, capable of creating value through enhanced reputation, member confidence and business efficiency.
Thursday 11 January 2024
Automatic Exchange of Information (AEoI)
What is the Automatic Exchange of Information (AEoI)? Since 2016 the Automatic Exchange of Information agreements have been in place ...
See MoreAnti Money Laundering
See MoreDistance Marketing Regulations
Update: Digital Markets, Competition and Consumers Act 2024 The Digital Markets, Competition and Consumers Act 2024 (DMCC Act) came into force...
See MoreFirm Details Attestation
The Financial Conduct Authority (FCA) require all firm’s to keep their details up to date. Credit unions are required to...
See MoreCredit Union Reporting Requirements
This information guide details the reporting requirements credit unions are subject to along with further information, who the reports must...
See MoreRegulatory Requirements for Additional Activities
There are four types of activities that credit unions may be permitted to carry out by fulfilling some additional regulatory...
See MoreBribery Act
Why do you need to know? The Bribery Act 2010 came into force on July 1 2011. The credit union could be...
See MoreCompliance Strategic Responsibilities
Compliance is ‘conformity: acting according to certain accepted standards’ The credit union has a duty to comply with a range...
See MoreEconomic Crime Levy
(Last Reviewed: 03/06/25) The Economic Crime Levy (ECL) is an annual charge that will affect organisations who are supervised under...
See MoreFinancial Promotions and Advertising
Why do you need to know? The Financial Services and Markets Act 2000 (FSMA) and the FSMA Act 2023 states...
See MoreGeneral Data Protection Regulation
See MoreLotteries
See MoreOutsourcing
Introduction The Prudential Regulation Authority (PRA) has put in place regulations that apply to any ‘critical operational function’ of the credit union which...
See MoreRetaining and Archiving Records
Why do you need to know? You are required to keep records in accordance with the Industrial and Provident Societies...
See MoreRisk Management
Why do you need to know? Risk management is a central part of a credit union’s strategic management. It is the...
See MoreRole of the Compliance Officer
Compliance is ‘conformity: acting according to certain accepted standards’ The credit union has a duty to comply with a range...
See MoreScottish Parliament Lobbying Register
Background From 12 March 2018, some instances of lobbying will need to be registered with the Scottish Parliament’s Lobbying Register. This is...
See MoreSupervisory & Internal Audit
Why do you need to know? To make sure your credit union is operating within the law, adhering to its...
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