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CRED 13 Annex 1C Qualifications approved by the FSA (and the Registry of Friendly Societies)

1D

1.

The following qualifications (in addition to those set out in section 1(4) of the Credit Unions Act 1979) have been approved by the FSA (and the Registry of Friendly Societies ("RFS")):

(1)

being currently in receipt of a continuing and regular contractual payment arising from employment by a particular employer;

RFS:25 February 1994

(2)

being currently in receipt of a continuing and regular contractual payment arising from employment by particular employers in a particular area;

RFS: 6 October 1994

(3)

being currently in receipt of a continuing and regular payment arising from participation in the provision of a public service of a particular nature, or of particular services associated with such participation;

RFS: 22 May 1998

(4)

residing in a particular locality, or being a member of a bona fide organisation or group of organisations (or otherwise having a continuing and active association with one or more of such organisations) existing within that locality for a purpose other than that of forming a society to be registered as a credit union;

RFS: 15 November 1999

(5)

being employed by an undertaking in a particular group of employers (and for this purpose "group" has the same meaning as in section 421 of the Financial Services and Markets Act 2000).

FSA 1 January 2005

2.

Section 421 of the Act:

(1)

In this Act "group", in relation to a person ("A"), means A and any person who is-

(a)

a parent undertaking of A;

(b)

a subsidiary undertaking of A;

(c)

a subsidiary undertaking of a parent undertaking of A;

(d)

a parent undertaking of a subsidiary undertaking of A;

(e)

an undertaking in which A or an undertaking mentioned in paragraph (a), (b), (c) or (d) has a participating interest;

(f)

if A or an undertaking mentioned in paragraph (a) or (d) is a building society, an associated undertaking of the society; or

(g)

if A or an undertaking mentioned in paragraph (a) or (d) is an incorporated friendly society, a body corporate of which the society has joint control (within the meaning of section 13(9)(c) or (cc) of the Friendly Societies Act 1992).

(2)

"Participating interest" has the same meaning as in:2

2

(i)

Part VII of the Companies Act 1985 or Part VIII of the Companies (Northern Ireland) Order 1986, where these provisions apply; or 2

(ii)

paragraph 8 of Schedule 7 to the Small Companies and Groups (Accounts and Directors' Report) Regulations 2008 (SI 2008/409) where applicable; or3 2

3

3(iii)

paragraph 11(1) of Schedule 10 to the Large and Medium-sized Companies and Groups (Accounts and Reports) Regulations 2008 (SI 2008/410) where applicable; or

3(iv)

paragraph 8 of Schedule 5 to the Small Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1912) where applicable; or

3(v)

paragraph 8 of Schedule 4 to the Large and Medium-sized Limited Liability Partnerships (Accounts) Regulations 2008 (SI 2008/1913).

In (i) to (v) 3above, the meaning also includes an interest held by an individual which would be a participating interest for the purposes of those provisions if he were taken to be an undertaking.2

3

(3)

"Associated undertaking" has the meaning given in section 119(1) of the Building Societies Act 1986.