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    2007-07-06

CRED 15.2 Investigation and enforcement powers

CRED 15.2.1G

The FSA's investigation and enforcement powers in the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979, although its main powers derive from the Act and the Unfair Terms Regulations.21

CRED 15.2.2G

For ease of reference:

  1. (1)

    Annex 1 to this chapter (CRED 15 Annex 1 G) contains a table of the FSA's investigation and enforcement powers under the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979; and1

  2. (2)

    Annex 2 to this chapter (CRED 15 Annex 1 G) contains a table of the main relevant investigation and enforcement powers under the Act and the Unfair Terms Regulations,2 showing where they are considered in the Enforcement manual (ENF).1

CRED 15.2.3G

Some of the FSA's powers listed in CRED 15 Annex 1 G are similar to the powers listed in CRED 15 Annex 2 G. For example, the FSA has information gathering and investigation powers under both the Industrial and Provident Societies Act 1965, as extended by the Credit Unions Act 1979, and the Act. These different powers enable the FSA to investigate and enforce the different requirements imposed on credit unions by legislation.1

CRED 15.2.4G

In appropriate circumstances, the FSA may need to consider which power to use, and whether to use powers, from one or more of the Acts. Which power or powers are appropriate will vary according to the circumstances of the case. Where the FSA is exercising its investigation and enforcement powers, it will normally explain to the credit union, individual or other persons concerned under which power, or powers, it is acting.1

CRED 15.2.5G

However, it is the responsibility of credit unions and individuals, or other persons connected to them to ensure that their actions comply with the requirements of the legislation and the FSA's rules, at all times. Credit unions and those involved with them can contact their usual supervisory contact at the FSA about the use of the FSA's investigation and enforcement powers.1