CRED 14.8 Individual guidance

This section and SUP 9 apply to all credit unions and persons generally.

This section is a summary of SUP 9.

This section explains how a particular person may seek from the FSA guidance that relates to its own particular circumstances or plans.

Requests may be either oral or written.

Requests for individual guidance should be directed to the credit unions usual supervisory contact at FSA in the first instance. A written request will be necessary where the issue is complex or significant. A credit union should have taken reasonable steps to analyse the issue before approaching the FSA.

The FSA will aim to respond quickly and fully to reasonable requests, but complex or novel issues may take more time. Credit unions should try to make allowance for this.

The FSA may issue individual guidance to credit unions on its own initiative where it is appropriate to do so.

An example of this is where general guidance in the Handbook does not fit the credit union's particular circumstances or more detailed guidance is required.

SUP 9.4 explains what reliance can be placed on individual guidance.

If a person acts in accordance with current individual written guidance in the circumstances contemplated by that guidance, then the FSA will proceed on the footing that the person has complied with the aspects of the rule or other requirement to which the guidance relates.

Rights conferred on third parties cannot be affected by guidance given by the FSA. Guidance on rules, the Act or other legislation represents the FSA's view, and does not bind the courts; a person may need to seek his own legal advice.

The extent to which a person can rely on individual guidance to him will depend on many factors. These could include, for example, the degree of formality of the original query and the guidance given, and whether all relevant information was submitted with the request. Individual guidance is usually given in relation to a set of particular circumstances which exist when the guidance is given. If the circumstances later change, for example, because of a change in the circumstances of the person or a change in the underlying rule or other requirement, and the premises upon which individual guidance was given no longer apply, the guidance will cease to be effective.

If the circumstances relating to individual guidance change it will be open to a person to ask for further guidance.