Content Options

EG 19.3 1Credit Unions Act 1979

EG 19.3.1

1The Credit Unions Act enables certain societies in Great Britain to be registered under IPSA65 and makes provisions in respect of these societies. It gives the FCA certain powers in addition to the powers that it has under the Act in respect of those credit unions which are authorised persons. The FCA's powers under the Credit Unions Act include the power to:

  • require the production of books, accounts and other documents in the exercise of certain functions (section 17);
  • appoint an investigator or to call a special meeting of the credit union (section 18);
  • cancel the registration of the credit union (section 20); and
  • petition the High Court to wind up the credit union in particular circumstances (section 20).

EG 19.3.2

1The FCA will use these powers in a manner consistent with its approach to using the same powers under the Act. Where the FCA decides to cancel or suspend a credit union’s registration under section 20(1) of the Credit Unions Act, the credit union may appeal that decision to the High Court or, in Scotland, the Court of Session.

EG 19.3.3

1The Credit Unions Act also extends to credit unions some criminal offences under IPSA65. The FCA will act in accordance with EG 12 when prosecuting these offences.

EG 19.3.4

1[deleted]

EG 19.3.5

1[deleted]