Related provisions for CREDS 1.1.1

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To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004 (From field only).

(1) CREDS covers only the requirements associated with a Part IV permission to accept deposits. The Conduct of Business sourcebook (COBS) sets out additional requirements for credit unions that are CTF providers in relation to cash deposit CTFs.(2) Other permissions are covered elsewhere in the Handbook. So, for example, a credit union seeking a permission to undertake a regulated mortgage activity would need to comply with the requirements in the Mortgages and Home Finance: Conduct
CREDS sets out rules and guidance that are specific to credit unions. CREDS 10 refers to other more generally applicable provisions of the Handbook that are likely to be relevant to credit unions with Part IV permission to accept deposits. For details of these provisions, we would expect credit unions to access the full text in the Handbook.
The effect of section 59 of the Act and SUP 10 is that a credit union must apply to the FSA for the approval of one or more individuals to perform the functions which are known as controlled functions. Controlled functions fall within two groups: (1) The significant influence functions describe the roles performed by the governing body and senior managers of the firm who exert a significant influence over the regulated activities of the firm.(2) The customer functions describe