The section is a summary of SUP 2.
Achieving its regulatory objectives involves the FSA informing itself of developments in credit unions. The Act requires the FSA to monitor a credit union's compliance with requirements imposed by or under the Act. For this purpose, the FSA needs to have access to a broad range of information about a credit union's business.
make itself readily available for meetings as reasonably requested;
give access to any records, files, tapes or computer systems which are within its possession or control, and provide any facilities that are reasonably required;
produce specified documents, files, tapes, computer data;
print information which is held on computer or microfilm or otherwise convert it into a readily legible document;
permit copying of documents or other material on its premises at its reasonable expense;
answer truthfully, fully and promptly all questions which are reasonably put to it.
SUP 2.3.5 R states that a credit union must permit access, with or without notice, during reasonable business hours to its business premises in relation to the discharge of the FSA's functions under the Act. It must also take reasonable steps to ensure that others, such as agents and suppliers under material outsourcing arrangements permit such access to their business premises.
Representatives or appointees of the FSA (which may include individuals engaged by a market research firm) may approach a credit union in the role of potential members. This is known as "mystery shopping". The FSA expects that any "mystery shopping" it arranges will be conducted in accordance with the Market Research Society Code of Practice. (See SUP 2.4.1 G - SUP 2.4.4 G).