CRED Sch 2 Notification requirements
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements. |
It is not a complete statement of those requirements and should not be relied on as if it were. |
Handbook reference |
Matter to be notified |
Contents of notification |
Trigger event |
Time allowed |
Business plan |
Copy of business plan. |
Upon request |
As soon as reasonably practical |
|
Policies and procedures manual |
Copy of policies and procedures manual. Wide range of detail as specified as guidance in Chapter 4. |
Upon request |
As soon as reasonably practical |
|
Documented system of control |
Systems of control. |
Upon request |
As soon as reasonably practical |
|
Application to perform a controlled function. |
When applicable |
Asap |
||
Notice to withdraw application. |
Asap |
|||
Notice of ceasing to perform. |
Within 7 days of cessation |
|||
Notification of changes in application details. |
Asap |
|||
Financial risk Management Policy |
Statement of financial risk management policy. |
On conversion to version 2 |
Upon request to convert to version 2 |
|
General notification |
Any proposed repayment of subordinated debt |
As soon as credit union aware |
At an early stage |
|
Liquidity |
Liquidity Management Policy Statement for version 2 credit unions. |
After adoption and/or review or amendment |
As soon as reasonably practical |
|
Lending Policy |
Current lending policy statement. |
After adoption and/or review or amendment |
As soon as reasonably practical |
|
Large Exposures |
Limits on large exposures to avoid concentration of risk. |
Upon request |
As soon as reasonably practical6 |
|
Appointment of Auditors |
Notification of vacancy of auditor. Notification of appointment of auditor. |
As applicable |
Immediately |
|
Matters raised by auditors |
Possible notification to the FSA of any written communication from its auditor commenting on internal controls. |
When relevant |
Immediately |
|
Duties of auditors on ceasing to audit a credit union |
Notification of his removal by the credit union. Resignation before his term in office expires. Is not re-appointed by a credit union |
When applicable |
Immediately |
|
Duties of the auditors on ceasing to audit a credit union |
Notification of any matter connected with cessation of duties that should be drawn to the FSA's attention or that there is no such matter. |
When applicable |
Immediately |
|
Notification of altered circumstances relating to a waivers |
Specifies the reference point the credit union must refer to if a waiver is no longer relevant or appropriate. |
When applicable |
Immediately |
|
General notification |
Credit union at risk of: Failure to satisfy threshold conditions; Reputation at risk; Services to members at risk; Any matter that may result in serious financial consequences. |
When applicable |
Immediately |
|
General notification |
Any proposed re-organisation that may have a significant impact. Failure in systems or controls. Material change to capital adequacy or solvency. |
As soon as the credit union is aware |
At an early stage |
|
General notification |
Breaches of rules or principles, statutory requirements or the prosecution or conviction of any of the committee of management. |
As soon as the credit union is aware |
Immediately |
|
General notification |
Significant civil proceedings, action for damages against the credit union or prosecution or conviction of the credit union. |
As soon as the credit union is aware |
Immediately |
|
General notification |
Fraud, irregularities and misconduct. |
As soon as the credit union is aware |
Immediately |
|
General notification |
Legal steps involving insolvency, bankruptcy or winding up. |
As soon as the credit union is aware |
As soon as possible |
|
Core information requirements |
Change in name, address or legal structure. |
As soon as the credit union is aware |
Immediately |
|
Inaccurate, false or misleading information |
Notification that information already provided is incorrect. |
As soon as the credit union is aware |
Immediately |
|
Reporting :change of accounting reference date |
The fact of a change in accounting reference date |
A change in accounting reference date |
If extending its accounting reference period, before the previous accounting reference date. If shortening its accounting period, before the new accounting reference date. |
|
Quarterly Return |
Key financial data |
Quarter end |
1 month after quarter end2 |
|
Annual Return |
Extended financial data |
Financial year end |
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Audited accounts |
Revenue account and Balance sheet |
Financial year end |
Until submission of Annual Return |
|
Complaints report |
Analysis of complaints. |
31 March each year |
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Complaints report |
Intention to stop submitting report in electronic format |
When applicable |
Immediately |
|
Record Keeping & Reporting |
Change in credit union contact for complaints handling. |
As appropriate |
Via the next quarterly return1 |