This section is a summary of SUP 6.
A credit union is advised to discuss its application with the Credit Union team at the FSA before submission, particularly if it is seeking a variation of permission within a short time scale. It is also advised to include as much detail as possible with its application. A version 1 credit union that wishes to become a version 2 credit union will typically need to supply information on the matters referred to in CRED 13.6.2 G.
The FSA may refuse the application if it appears that the interests of members would be adversely affected if the application were to be granted.
The FSA may refuse such an application if it appears that:
When it receives this application, the Corporate Authorisation Resignation team will send the credit union a written acknowledgement. This acknowledgement will explain the cancellation process and detail the information required as part of the application.
The FSA may require additional information, including professional advice where it considers this appropriate.