| FSA- Anti Money Laundering
The FSA have issued their 6th Newsletter which focuses on anti-money laundering and financial crime controls. Click here to access the newsletter and click here to see examples of good and poor practice. The articles cover a number of areas including appointment of MLRO, training, monitoring, data retention and disposal and IT controls. Credit Union MLRO, Directors and Supervisory Committees should review these articles and consider what actions require to be taken. Further advice can be obtained by contacting our Credit Union team (creditunion@alexandersloan.co.uk )
Legislation Update December 2007
The Summary of Responses to the Consultation paper “Review of the Cooperative and Credit Union Legislation in Great Britain” has been issued. This summarises respondent’s views and the government’s response. Click here to access the document . The Government plan to publish detailed proposals, including draft implementing legislation and associated impact assessment on issues identified by Spring 2008.. Future issues of our newsletter Credit Union Technical Update will provide updates on the progress of any new Credit Union legislation
Financial Services Compensation Scheme
There have been changes to how the Financial Services Compensation Scheme will be funded. Under the new scheme Credit unions will be part of the deposit class, alongside banks and building societies. For more information on the changes and how it will affect your credit union click here.
Management Information
The FSA have issued their Management Information Guide and Self Assessment Tool for Credit Unions. The Guide discusses what Management information is and what Credit Union’s require in terms of Management Information. The guide also sets out what the FSA expect from Credit Unions in relation to Management Information. The Self Assessment Tool is aimed to act as a prompt to help credit unions think about what Management Information they might want to collect and analyse. The guide can be accessed by clicking here and the self assessment sheet can be accessed by clicking here.
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