CREDS 1.1 Application and purpose
Application
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(1)
CREDS covers only the requirements associated with a Part 4A permission to accept deposits. The Conduct of Business sourcebook (COBS) sets out additional requirements for credit unions that are CTF providers in relation to cash deposit CTFs.
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(2)
Other permissions are covered elsewhere in the Handbook. So, for example, a credit union seeking a permission to undertake a regulated mortgage activity would need to comply with the requirements in the Mortgages and Home Finance: Conduct of Business sourcebook (MCOB), and a credit union seeking a permission to undertake insurance distribution activity6 in relation to non-investment insurance contracts would need to comply with the requirements in the Insurance: Conduct of Business sourcebook (ICOBS).
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(3)
The provisions of the Prudential sourcebook for Mortgage and Home Finance Firms, and Insurance Intermediaries (MIPRU) 5may also be relevant to a credit union whose Part 4A permission includes insurance distribution activity6 or home finance mediation activity5.
4A credit union seeking a permission to undertake a credit-related regulated activity would need to comply with the requirements in the Consumer Credit sourcebook (CONC).
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Purpose
CREDS sets out rules and guidance that are specific to credit unions. CREDS 10 refers to other more generally applicable provisions of the Handbook that are likely to be relevant to credit unions with Part 4A permission to accept deposits. For details of these provisions, we would expect credit unions to access the full text in the Handbook.
The status of the provisions in CREDS is indicated by icons containing the letters R, G or E. Please refer to 5the Reader's Guide for further explanation about the significance of these icons. The Reader's Guide can be found 8at http://www.fca.org.uk/your-fca/documents/handbook/handbook-readers-guide