CREDS Sch 5 Rights of actions for damages
1The table below sets out the rules in CREDS contravention of which by an authorised person may be actionable under Section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.
If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under Section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.
The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person (or his fiduciary or representative). If so, an indication of the type of person by whom the rule is actionable is given.
Right of action under section 150 |
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Chapter / Appendix |
Section / Annex |
Paragraph |
For private person? |
Removed? |
For other person? |
No |
No |
No |
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All rules in CREDS that require a credit union to have or maintain financial resources. |
No |
No |
No |
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Yes |
No |
No |
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