Be Prepared for the New Regulatory Reform Programme
At a Conference held on the 26th May 2011, hosted by the FSA and the Bank of England, credit unions, along with all other regulated deposit takers, were given an insight as to how supervision of UK financial market activity, would look from early 2013. Hector Sants, Chief Executive Designate of the Prudential Regulation Authority (PRA), told delegates that from 2013, the FSA would be replaced by two new bodies that would be responsible for the regulation of all deposit takers. The PRA would be responsible for prudential matters relating to the financial strength of deposit takers, with the Financial Conduct Authority (FCA) being responsible for governance and conduct matters linking to consumer protection.
For a full version of how the Bank of England will approach banking supervision go to: www.fsa.gov.uk/pages/Doing/Events/pra.shtml or download here.
A summary of the new regulatory proposal can also be downloaded here.
Next meeting with the FSA
The next meeting between the National Credit Union Liaison Group and the FSA will take place on the 29th June 2011. If there are any regulatory issues that you wish NACUW to raise at this meeting please contact Bill Hudson on [email protected].
Credit Union Awards for Excellence
Unity Trust Bank has announced the winners of the first ever Unity Trust Awards for Excellence to honour those who have made an outstanding contribution to credit unions and to society at large.
There were six awards, recognising excellence in the areas of:
- marketing
- community mobilisation
- credit union education
- fundraising
- active partnerships
- an award for a single benefactor
After the credit crunch…. what next?
All of us in the credit union world are acutely aware of the impact and implications of the current financial turmoil. But could our economic architecture be in fact fatally flawed? Are we witnessing the end of the so called ‘free market model’? Should we be planning for a very different future where credit unions and other community finance institutions become the new banks on our high street? Whilst many economists are predicting a recession in the traditional sense, others are questioning whether or not we are heading for something far worse. And if that is the case is now then the time to demand that we should be looking for a fairer and saner model, rather than trying to prop up the older corrupt one.
The new economics foundation is one organisation that is making such a call and has recently been advocating a ‘Green New Deal’ to address the financial meltdown, alongside climate change and the imminent peaking of many key resources. Now as part of that process nef are prioritising 20 steps that need to be made in order to rebuild a better economy. One of these steps is strongly advocating credit unions and the Community Banking Partnership approach. See how we can be part of a very different future.
You can download a copy of this report from our publications page.