Credit union news
At Alexander Sloan we strive to keep our clients abreast of the latest news in the Credit Union sector.
This page is regularly updated with topical information which we feel will be useful to you.
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Latest news
FSA Consultation - March 2012
On the 6 March, the FSA issued Quarterly Consultation 32. The FSA are consulting on a number of changes including increasing the maximum share balance a member can hold and permitting Credit Unions to offer joint accounts. Full details of the consultation are available on the FSA's website.
IFRS Update - January 2012
The ASB has issued revised proposals for the future of UK GAAP. FRSME has now been revised and renamed FRS 102, "The Financial Reporting Standard applicable in the UK and Republic of Ireland". If accepted then Credit Unions financial statements would be based on the rules within FRS102 (unless the Credit Union chose to adopt full IFRS). The change would come into force for accounting periods ending on or after 1 January 2015. Our Spring 2012 newsletter will highlight some of the key changes in the revised proposals. The draft FRS102 can be found in FRED48 on the ASB's website. The website also contains an example of a set of Credit Union's accounts under FRS102. A link to the ASB's website can be accessed by clicking here http://www.frc.org.uk/asb/technical/projects/project0072.html The consultation period for responses to the new proposals ends 30 April 2012.
Legislative Reform Order- 8 January 2012
The Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 (LRO) came into force on 8 January 2012. The LRO makes a number of changes to the Credit Union Act 1979. The LRO can be accessed by clicking here. The FSA Credit Union Sourcebook has also been updated. The new version called the Credit Union New Sourcebook (CREDS) also applies from 8 January 2012. The FSA have also issued a number of factsheets detailing the impact of the changes and issues Credit Unions need to consider when changing their rules. The factsheets and CREDS can both be accessed from the FSA Website.
