CRED Sch 2 Notification requirements

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

The aim of the guidance in the following table is to give the reader a quick overall view of the relevant record keeping requirements.

It is not a complete statement of those requirements and should not be relied on as if it were.

CRED 4.3.5 R

Business plan

Copy of business plan.

Upon request

As soon as reasonably practical

CRED 4.3.7 R

Policies and procedures manual

Copy of policies and procedures manual.

Wide range of detail as specified as guidance in Chapter 4.

Upon request

As soon as reasonably practical

CRED 4.3.9 R

Documented system of control

Systems of control.

Upon request

As soon as reasonably practical

CRED 6.3.12 G

Approved Persons

Application to perform a controlled function.

When applicable

Asap

Notice to withdraw application.

Asap

Notice of ceasing to perform.

Within 7 days of cessation

Notification of changes in application details.

Asap

CRED 7.3.10 R

Financial risk Management Policy

Statement of financial risk management policy.

On conversion to version 2

Upon request to convert to version 2

5CRED 8.2.1B G

General notification

Any proposed repayment of subordinated debt

As soon as credit union aware

At an early stage

CRED 9.2.3 R

Liquidity

Liquidity Management Policy Statement for version 2 credit unions.

After adoption and/or review or amendment

As soon as reasonably practical

CRED 10.2.1 R - CRED 10.2.2 R

Lending Policy

Current lending policy statement.

After adoption and/or review or amendment

As soon as reasonably practical

CRED 10.4.6 G

Large Exposures

Limits on large exposures to avoid concentration of risk.

Upon request

As soon as reasonably practical

CRED 12.6.1 G

Money Laundering

Report from MLRO.

Upon request

As soon as reasonably practical

CRED 14.3.3 G

Appointment of Auditors

Notification of vacancy of auditor.

Notification of appointment of auditor.

As applicable

Immediately

CRED 14.3.21 G

Matters raised by auditors

Possible notification to the FSA of any written communication from its auditor commenting on internal controls.

When relevant

Immediately

CRED 14.3.30 G

Duties of auditors on ceasing to audit a credit union

Notification of his removal by the credit union.

Resignation before his term in office expires.

Is not re-appointed by a credit union

When applicable

Immediately

CRED 14.3.31 G

Duties of the auditors on ceasing to audit a credit union

Notification of any matter connected with cessation of duties that should be drawn to the FSA's attention or that there is no such matter.

When applicable

Immediately

CRED 14.7.11 G

Notification of altered circumstances relating to a waivers

Specifies the reference point the credit union must refer to if a waiver is no longer relevant or appropriate.

When applicable

Immediately

CRED 14.9.3 G

General notification

Credit union at risk of:

Failure to satisfy threshold conditions;

Reputation at risk;

Services to members at risk;

Any matter that may result in serious financial consequences.

When applicable

Immediately

CRED 14.9.5 G

General notification

Any proposed re-organisation that may have a significant impact.

Failure in systems or controls.

Material change to capital adequacy or solvency.

As soon as the credit union is aware

At an early stage

CRED 14.9.7 G

General notification

Breaches of rules or principles, statutory requirements or the prosecution or conviction of any of the committee of management.

As soon as the credit union is aware

Immediately

CRED 14.9.8 G

General notification

Significant civil proceedings, action for damages against the credit union or prosecution or conviction of the credit union.

As soon as the credit union is aware

Immediately

CRED 14.9.10 G

General notification

Fraud, irregularities and misconduct.

As soon as the credit union is aware

Immediately

CRED 14.9.12 G

General notification

Legal steps involving insolvency, bankruptcy or winding up.

As soon as the credit union is aware

As soon as possible

CRED 14.9.13 G

Core information requirements

Change in name, address or legal structure.

As soon as the credit union is aware

Immediately

CRED 14.9.16 G

Inaccurate, false or misleading information

Notification that information already provided is incorrect.

As soon as the credit union is aware

Immediately

3CRED 14.10.4 G

Reporting :change of accounting reference date

The fact of a change in accounting reference date

A change in accounting reference date

If extending its accounting reference period, before the previous accounting reference date.

If shortening its accounting period, before the new accounting reference date.

CRED 14.10.5 G

Quarterly Return

Key financial data

Quarter end

1 month after quarter end2

CRED 14.10.7 G

Annual Return

Extended financial data

Financial year end

7 months after financial year end2

2CRED 14.10.10 R

Audited accounts

Revenue account and Balance sheet

Financial year end

Until submission of Annual Return

CRED 17.6.6 G

Complaints report

Analysis of complaints.

31 March each year

1 month after period end.4

4CRED 17.6.8 R

Complaints report

Intention to stop submitting report in electronic format

When applicable

Immediately

CRED 17.6.9 R

Record Keeping & Reporting

Change in credit union contact for complaints handling.

As appropriate

Via the next quarterly return1