CRED 3.1 Application and purpose

This chapter applies to all credit unions.

The Principles for Businesses (PRIN) sets out, in a small number of high-level requirements, the basic obligations of all regulated firms. They provide a general statement of regulatory requirements, and the FSA considers that the Principles are appropriate expressions of the standards of conduct to be expected of all financial firms including credit unions. The purpose of this chapter is to provide additional guidance on the provisions of PRIN as they relate to credit unions.

PRIN 2.1.1 R applies to all credit unions. Additional guidance on this rule is given in CRED 3.2.

In applying the Principles to credit unions, the FSA will be mindful of proportionality. In practice, the implications are likely to vary according to the size of the credit union.