ABCUL issues briefings on developments that may impact the credit union sector. A full list of our briefings can be found below:
The Insolvency Service is gathering views on the effectiveness of the UK’s personal insolvency framework and is seeking evidence on whether it still serves the needs of debtors and creditors...
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The Government has published a consultation paper proposing the final detail of the Statutory Debt Repayment Plan (SDRP). The SDRP is the second aspect of the Government’s Debt Respite Scheme, with the...
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The Financial Ombudsman Service (FOS) has published a discussion paper that raises potential changes to the future funding model of the FOS. This publication follows on from a 2021 independent review of...
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The Bank of England publishes aggregate data every year based on credit unions’ annual returns. Due to the time taken for credit unions to submit and the Bank of England’s...
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This policy briefing presents the 2022/23 levy charge for the deposits class and outlines the FSCS’s Balancing Act of Compensation publication. The FSCS has published their May 2022 Outlook which updates the...
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The Bank of England collates the data from credit unions’ quarterly returns to produce a statistical release on the UK credit union sector for each quarter. Due to the time...
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PRA Regulated Fees & Levies Consultation Outcome – Update July 2022 The PRA has published the outcome to its fees and levies rates consultation for 2022-23, with the initial consultation...
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FCA Regulated Fees & Levies Consultation Outcome – Update July 2022 The FCA has published the outcome to its fees and levies rates consultation for 2022/23, with the initial consultation...
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The Bank of England collates the data from credit unions’ quarterly returns to produce a statistical release on the UK credit union sector for each quarter. Due to the time...
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The Insolvency Service have recently published a consultation paper proposing significant reform of regulation of the Insolvency Sector. The consultation paper is seeking stakeholder feedback on the detail of proposed reforms, with...
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Individual Savings Accounts (ISAs) offer a tax-free option for individual consumer savings. Credit unions are able to be ISA managers, though they can only offer cash ISAs and Junior ISAs...
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Financial Ombudsman Service Plans & Budgets Update – May 2022 The Financial Ombudsman Service has now announced its final Plan & Budget for 2022-23, following the consultation detailed in this...
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The FCA has published a further consultation on its proposal to introduce a consumer duty for all firms including credit unions. A consumer principle which stated that ‘A firm must act...
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The Financial Conduct Authority (FCA) has published a consultation on policy changes to the regulatory fees and levies it will raise next year. This is first part of an annual fee cycle...
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The Ministry of Justice (MoJ) has published a consultation proposing to implement a small payments scheme for individuals to access funds on behalf of those who lack mental capacity. The proposed scheme...
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The Financial Services Compensation Scheme (FSCS) has published its annual Outlook November industry newsletter, to provide an update on the current levy year and the first indication for next year’s levy....
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The Financial Conduct Authority (FCA) have launched a consultation – Debt packagers: proposal for new rules, in which they propose banning debt packager firms form being paid to refer customers to...
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During July 2021, ABCUL collected data on the gender and age make up of credit union’s memberships, CEOs and boards of directors via the Credit Union Demographic Survey 2021 This...
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The Scottish Government is seeking views on legislative reform to support Scotland’s recovery from the coronavirus (COVID-19) pandemic. The consultation entitled “Covid recovery: a consultation on public health, public services and...
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The Bank of England publishes aggregate data every year based on credit unions’ annual returns. Due to the time taken for credit unions to submit and the Bank of England’s...
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The FSCS Outlook May 2021 industry newsletter has been published, announcing the final Financial Services Compensation Scheme levy for 2021/22. The Outlook publication reforecasts the levy contributions required from firms for 2021/22...
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The Insolvency Service has released a consultation outcome, following on from the consultation proposing to increase the monetary eligibility criteria for Debt Relief Orders (DROs) earlier this year. The Insolvency Service’s...
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The Bank of England collates the data from credit unions’ quarterly returns to produce a set of statistics on the UK credit union sector for each quarter. Due to the...
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The FCA has published its annual consultation paper proposal the regulated fees and levy rates for 2021/22. The consultation paper contains: the proposed FCA regulatory fees; the proposed levies for the Financial...
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The Prudential Regulation Authority (PRA) has published a new consultation proposing to change the fees payable by regulated firms for 2021/22. The proposal includes an increase in the fees applicable to credit...
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The Financial Ombudsman Service (FOS) has published its Plans and Budget document for 2021/22, confirming the service’s levies, charges and allowances for the next financial year. As proposed in the budget consultation...
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The Woolard Review on unsecured credit was launched at the end of Chris Woolard’s tenure as Interim Chief Executive, and it makes 25 recommendations to improve the unsecured credit market in the...
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The Financial Services Compensation Scheme’s 2021 Plan and Budget confirms the FSCS’s 2020/21 supplementary levy and presents the forecasted levy and management expenses budget for 2021/22. The confirmed supplementary levy is required...
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All of the information below has been taken from regulatory annual returns submitted to ABCUL by ABCUL members in 2020 for the year 2019. This is the fourth year that...
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The Bank of England publishes aggregate data every quarter based on credit union’s quarterly returns. Due to the time taken to prepare, submit and process the data it takes around...
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The Insolvency Service has released a consultation proposing to change to the monetary eligibility criteria for Debt Relief Orders (DROs). The changes to DROs would apply in England and Wales. DROs are...
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Financial Conduct Authority (FCA) has published a consultation on its fees policy proposals for 2021/2022. The FCA is fully funded by the firms it regulates including credit unions and consults this time...
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The Financial Ombudsmen Service (FOS) has released a consultation on its plan and budget for 2021/22. This consultation proposes the FOS’s fees and costings for the upcoming financial year. The final budget is...
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The Financial Services Compensation Scheme (FSCS) has released their interim industry newsletter Outlook, which provides a forecast of any additional contributions that will be needed from scheme participants for the 2020/21...
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The Bank of England publishes aggregate data every quarter based on credit union’s quarterly returns. Due to the time taken to prepare, submit and process the data it takes around...
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The Bank of England publishes aggregate data every quarter based on credit union’s quarterly returns. Due to the time taken to prepare, submit and process the data it takes around...
Read more