Reset to Today

To access the FCA Handbook Archive choose a date between 1 January 2001 and 31 December 2004.

Content Options:

Add to favourites

View Options:

More Resources:

External link Handbook Publications

Alternative versions

  2. Point in time
    2008-12-06

CRED 15.1 Application and purpose

CRED 15.1.1 G

This chapter applies to credit unions and is intended to draw their attention to2:

2
  1. (1)

    the investigation and enforcement powers available to the FSA under Industrial and Provident Societies legislation;

    2
  2. (2)

    the Decision Procedure and Penalties manual (DEPP)2; and

    2
  3. (3)

    the Enforcement Guide (EG)2.

    2
CRED 15.1.2 G

The FSA's effective and proportionate use of its investigation and enforcement powers plays an important role in the pursuit of its regulatory objectives.

CRED 15.2 3Industrial and Provident Societies legislation3

CRED 15.2.1 G

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 15.2.2 G

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 1979.31

    3
  2. (2)

    [deleted]3

    3
CRED 15.2.3 G

[deleted]3

3
CRED 15.2.4 G

[deleted]3

3
CRED 15.2.5 G

[deleted]3

3

CRED 15.3 2Decision Procedure and Penalties manual2

CRED 15.3.1 G

The Decision Procedure and Penalties manual (DEPP) is relevant to credit unions because it sets out2:

1 2
  1. (1)

    the FSA's decision making procedure for giving statutory notices (warning notices, decision notices and supervisory notices); and2

    2
  2. (2)

    the FSA's policy with respect to the imposition and amount of penalties under the Act.2

    2
  3. (3)

    [deleted]2

    2
CRED 15.3.2 G

[deleted]2

2
CRED 15.3.3 G

[deleted]2

2
CRED 15.3.4 G

[deleted]2

2

CRED 15.4 2Enforcement Guide2

CRED 15.4.1 G

The Enforcement Guide (EG) describes the FSA's approach to exercising the main enforcement powers given to it by the Act and by regulation 12 of the Unfair Terms Regulations. EG is a Regulatory Guide and does not form part of the FSAHandbook.2

2
CRED 15.4.2 G
2

[deleted]2

CRED 15.4.3 G
2

[deleted]2

CRED 15.4.4 G

[deleted]2

2
CRED 15.4.5 G

[deleted]2

CRED 15 Annex 1 Enforcement Powers

G

SUBJECT

SECTION OF THE RELEVANT ACTS

CANCELLATION OR SUSPENSION OF REGISTRATION

Power to cancel the registration of a credit union

Industrial & Provident Societies Act 1965, s.16 as applied by Credit Unions Act 1979, s.20(1)

Power to suspend the registration of a credit union

Industrial & Provident Societies Act 1965, s.17 as applied by Credit Unions Act 1979, s.20(1)

INSOLVENCY PROCEEDINGS

Provision of information: when a credit is in receivership

Industrial & Provident Societies Act 1965, s.43

Provision of information: when a credit union is subject to a creditors' voluntary liquidation

Industrial & Provident Societies Act 1965, s.59

INFORMATION GATHERING AND INVESTIGATION POWERS

Power to require information from individuals who are, or have been, officers of a credit union

Industrial & Provident Societies Act 1965, s.48 extended by Credit Unions Act 1979, s.17(1)

Power to appoint an investigator to look into the affairs of a credit union

Industrial & Provident Societies Act 1965, s.49 extended by Credit Unions Act 1979, s.18(1)

AUDITING OF ACCOUNTS

Power to require the financial accounts of a credit union for past years to be audited

Industrial & Provident Societies Act 1965, s.9(c)

COMPULSORY WINDING UP

Power to petition the court for the winding up of a credit union

Credit Unions Act 1979,s.20(2)

PROSECUTION OF CRIMINAL OFFENCES

Power to prosecute offences under the Industrial & Provident Societies Act 1965, Industrial & Provident Societies Act 1968 and the Credit Unions Act 1979

Credit Unions Act 1979,s.28 1