There are approximately 500 credit unions - financial co-operatives owned by their members – in the UK and they are dual-regulated by the Financial Conduct Authority (FCA) and by the Prudential Regulation Authority (PRA).

If you are a credit union, you will know that there are a number of regulatory requirements that have to be considered, including:

  • Approved Persons including the Senior Managers and Certification Regime
  • Credit Union Sourcebook
  • PRA/FCA rules and guidance under the Financial Services and Markets Act 2000
  • The Credit Unions Act 1979 and the Co-operatives and Community Benefits Societies Act 2014
  • Credit Unions (Northern Ireland) Order 1985
  • Single Customer View (SCV)
  • Consumer Credit

PKF Littlejohn’s specialist team understand the regulatory requirements of all key stakeholders and advises credit unions - including those facing insolvency and distress - on their regulatory obligations.

We can help you with:

  • Assessment of solvency position and capital adequacy
  • Credit risk and controls over the issue of loans and monitoring of bad debts / provisioning
  • Systems and controls to monitor financial position and identify fraud risk
  • Review and preparation of the SCV file
  • Presentation to the Board on options available to credit unions facing insolvency

If you have any questions about Credit Unions please contact Dina Devalia on or +44(0)20 7516 2244