Registration and becoming authorised as a credit union are two distinct statutory processes. The Credit Unions Act 1979 sets out the statutory requirements for registration and the Act sets out the statutory requirements relating to authorisation. Section 1 of the Credit Unions Act 1979 as amended (see CRED 13 Annex 1B)3 provides that a credit union may not be registered unless it has applied to the FSA for a Part IV permission to accept deposits, and the FSA shall not issue an acknowledgment of registration to a credit union unless it also proposes to give the credit union such a permission. If it does issue an acknowledgment, it should determine any outstanding application for a Part IV permission to accept deposits as soon as reasonably possible thereafter.2
The application pack, which is modular, contains some general forms applicable to all applicants and some specific to credit union applicants. The application pack also contains a set of explanatory notes about the information required and on how to complete the forms.
The FSA is committed to an interactive application process. Applicants are encouraged to contact the FSA's Credit Union team at an early stage to discuss their plans and proposed application. In any event, applicants are expected to discuss their plans with the FSA's Credit Union team before making a formal application. In some circumstances, it may be appropriate for the FSA to hold a pre-application meeting with an applicant.
The application pack and accompanying explanatory notes are available on www.fsa.gov.uk or from the Corporate Authorisation department of the FSA. To contact the Corporate Authorisation department:
Copies of all current guidance are available from the FSA website www.fsa.gov.uk or through the FSA's Publication Enquiries department on 020 7066 3298. The FSA will review its guidance from time to time and may need to amend or withdraw published or written guidance in the light of changing circumstances, developing business practices or case law.