CRED 14.8 Individual guidance
Application and purpose
This section and SUP 9 apply to all credit unions and persons generally.
This section is a summary of SUP 9.
Making a request for individual guidance
Requests for individual guidance should be directed to the credit unions usual supervisory contact at FSA in the first instance. A written request will be necessary where the issue is complex or significant. A credit union should have taken reasonable steps to analyse the issue before approaching the FSA.
The FSA will aim to respond quickly and fully to reasonable requests, but complex or novel issues may take more time. Credit unions should try to make allowance for this.
Giving individual guidance to a credit union on the FSA's own initiative
The FSA may issue individual guidance to credit unions on its own initiative where it is appropriate to do so.
An example of this is where general guidance in the Handbook does not fit the credit union's particular circumstances or more detailed guidance is required.
Reliance on individual guidance
The extent to which a person can rely on individual guidance to him will depend on many factors. These could include, for example, the degree of formality of the original query and the guidance given, and whether all relevant information was submitted with the request. Individual guidance is usually given in relation to a set of particular circumstances which exist when the guidance is given. If the circumstances later change, for example, because of a change in the circumstances of the person or a change in the underlying rule or other requirement, and the premises upon which individual guidance was given no longer apply, the guidance will cease to be effective.