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CRED 6.1 Application and purpose

CRED 6.1.1R

This chapter applies to all credit unions and approved persons. It also applies to applicants seeking to become authorised as a credit union.

CRED 6.1.2G

The purpose of this chapter is to provide guidance on the provisions concerning approved persons as they relate to credit unions.

CRED 6.1.3G

The full provisions are to be found in the following sourcebooks or manuals of the Handbook:

  1. (1)

    The Statements of Principle and Code of Practice for Approved Persons (APER)

  2. (2)

    Fitness and Propriety (FIT)

  3. (3)

    Authorisation manual (AUTH)

  4. (4)

    Supervision manual (SUP)

  5. (5)

    Enforcement manual (ENF)

CRED 6.1.4G

Guidance on all the provisions of the manuals concerning approved persons is provided below, but the following points summarise the key parts of the proposals:

  1. (1)

    FSA has specified various functions which are seen as key to the operation of a credit union and which are referred to as controlled functions.

  2. (2)

    A controlled function may be performed only by a person who is a fit and proper person to perform the function to which the approval relates.

  3. (3)

    The purpose of these provisions is to complement the regulation of credit unions themselves.

  4. (4)

    The manuals provide full details concerning all aspects of the application process, the criteria for assessment, the range of controlled functions and disciplinary action.