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CREDS 8.2 Reporting requirements

Quarterly return

CREDS 8.2.1G

SUP 16.12.5 R states that a credit union must submit a quarterly return. The content, reporting frequency and due date in relation to that report are shown in CREDS 8.2.2 G. The form can be found at SUP 16 Annex 14(1)R.

[Note: a transitional provision applies to SUP 16.12.5 R: see CREDS TP 1.17.]1

[Note: a transitional provision applies in respect of the form to be used at SUP 16 Annex 14(1)R (see CREDS TP 1.4).]

CREDS 8.2.2G

This table belongs to CREDS 8.2.1 G

Content of report

Form

Frequency

Due date

Key financial data

CQ

Quarterly

One month after quarter end

Annual return

CREDS 8.2.3G

SUP 16.12.5 R states that a credit union must submit an annual return. The content, reporting frequency and due date in relation to that report are shown in CREDS 8.2.4 G. The form can be found at SUP 16 Annex 14(2) R.

[Note: transitional provisions apply to the requirement in SUP 16.12.5 R (see ) and in respect of the form to be used at SUP 16 Annex 14(2)R (see )CREDS TP 1.4.]

[Note: a transitional provision applies to SUP 16.12.5 R: see CREDS TP 1.18.]1

CREDS 8.2.4G

This table belongs to CREDS 8.2.3 G

Content of report

Form

Frequency

Due date

Extended financial data

CY

Annually

Six months after financial year end
CREDS 8.2.5G

The form may be updated from time to time. Credit unions should use the form in force at the end of the financial year on which they are reporting.

Accounts and audit

CREDS 8.2.6RRP
  1. (1)

    Every credit union must send to the FSA a copy of its audited accounts published in accordance with section 3A of the Friendly and Industrial and Provident Societies Act 1968 or provided in accordance with article 49 of the Credit Unions (Northern Ireland) Order 1985.1

  2. (2)

    The accounts must:

    1. (a)

      be made up for the period beginning with the date of the credit union's registration or with the date to which the credit union's last annual accounts were made up, whichever is the later, and ending on the credit union's most recent financial year end; and

    2. (b)

      accompany the annual return submitted to the FSA under SUP 16.12.5 R (see CREDS 8.2.3 G), unless they have been submitted already.

CREDS 8.2.7RRP

Every credit union must supply free of charge, to every member or person interested in the funds of the credit union who applies for it, a copy of the latest audited accounts of the credit union sent to the FSA under CREDS 8.2.6 R.

Financial penalties for late submission of reports

CREDS 8.2.8G
  1. (1)

    Financial penalties may be imposed for the late submission of:

    1. (a)

      the quarterly and annual returns referred to in SUP 16.12.5 R; and

    2. (b)

      the audited accounts referred to in CREDS 8.2.6 R.

  2. (2)

    Details of the FSA's policy and procedures on financial penalties are given in DEPP.