CRED 15
Decision procedure,
penalties and enforcement
CRED 15.1
Application and purpose
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CRED 15.1.1
See Notes
This chapter applies to credit unions and is intended to draw their attention to:
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CRED 15.1.2
See Notes
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CRED 15.2
Industrial and Provident Societies legislation
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CRED 15.2.1
See Notes
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CRED 15.2.2
See Notes
For ease of reference:
- (1) Annex 1 to this chapter (CRED 15 Annex 1 G) contains a table of the FSA's investigation and enforcement powers under the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979.
- (2) [deleted]
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CRED 15.2.3
See Notes
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CRED 15.2.4
See Notes
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CRED 15.2.5
See Notes
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CRED 15.3
Decision Procedure and Penalties manual
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CRED 15.3.1
See Notes
The Decision Procedure and Penalties manual (DEPP) is relevant to credit unions because it sets out:
- (1) the FSA's decision making procedure for giving statutory notices (warning notices, decision notices and supervisory notices); and
- (2) the FSA's policy with respect to the imposition and amount of penalties under the Act.
- (3) [deleted]
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CRED 15.3.2
See Notes
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CRED 15.3.3
See Notes
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CRED 15.3.4
See Notes
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CRED 15.4
Enforcement Guide
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CRED 15.4.1
See Notes
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CRED 15.4.2
See Notes
The FSA's enforcement powers in the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968, the Credit Unions Act 1979 and the Act can be grouped into three broad categories, based on the type of procedure that applies to their use. The three broad categories are:
- (1) regulatory enforcement powers, which the FSA must exercise by statutory notice procedures;
- (2) civil enforcement powers, which the FSA must exercise by making application to the civil courts; and
- (3) criminal prosecution powers, which the FSA must exercise by bringing proceedings in the criminal courts.
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CRED 15.4.3
See Notes
When the FSA exercises its regulatory enforcement powers, the statutory notice procedure it must follow varies depending on the type of action to be taken and the provisions of the relevant legislation.
- (1) If the FSA is using its regulatory enforcement powers under the Act, it must give the reasons and various notices required by the Act and, in all cases, allow the person receiving the notice an opportunity to make representations. The FSA's decision making procedures for notices to be given by the Act are set out in DEC. CRED 16 provides an overview of DEC.
- (2) If the FSA is using its regulatory enforcement powers under the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979, it will have regard to the Principles set out in CRED 3 and will, so far as appropriate, provide a process that is consistent with that in DEC.
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CRED 15.4.4
See Notes
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CRED 15.4.5
See Notes
- (1) If the FSA is considering using its regulatory enforcement, civil enforcement or criminal prosecution powers under the Act, it will apply the policies on the use of those powers set out in ENF.
- (2) If the FSA is considering using its regulatory enforcement, civil enforcement or criminal prosecution powers under the Industrial and Provident Societies Act 1965, the Friendly and Industrial and Provident Societies Act 1968 and the Credit Unions Act 1979, it will, to the extent appropriate, apply the policies on the use of similar powers under the Act (as set out in ENF).
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CRED 15.5
Financial penalties for late submission of reports
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CRED 15 Annex 1
Enforcement Powers
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See Notes
SUBJECT | SECTION OF THE RELEVANT ACTS | |
CANCELLATION OR SUSPENSION OF REGISTRATION | ||
Power to cancel the registration of a credit union | Industrial & Provident Societies Act 1965, s.16 as applied by Credit Unions Act 1979, s.20(1) | |
Power to suspend the registration of a credit union | Industrial & Provident Societies Act 1965, s.17 as applied by Credit Unions Act 1979, s.20(1) | |
INSOLVENCY PROCEEDINGS | ||
Provision of information: when a credit is in receivership | Industrial & Provident Societies Act 1965, s.43 | |
Provision of information: when a credit union is subject to a creditors' voluntary liquidation | Industrial & Provident Societies Act 1965, s.59 | |
INFORMATION GATHERING AND INVESTIGATION POWERS | ||
Power to require information from individuals who are, or have been, officers of a credit union | Industrial & Provident Societies Act 1965, s.48 extended by Credit Unions Act 1979, s.17(1) | |
Power to appoint an investigator to look into the affairs of a credit union | Industrial & Provident Societies Act 1965, s.49 extended by Credit Unions Act 1979, s.18(1) | |
AUDITING OF ACCOUNTS | ||
Power to require the financial accounts of a credit union for past years to be audited | Industrial & Provident Societies Act 1965, s.9(c) | |
COMPULSORY WINDING UP | ||
Power to petition the court for the winding up of a credit union | Credit Unions Act 1979,s.20(2) | |
PROSECUTION OF CRIMINAL OFFENCES | ||
Power to prosecute offences under the Industrial & Provident Societies Act 1965, Industrial & Provident Societies Act 1968 and the Credit Unions Act 1979 | Credit Unions Act 1979,s.28 |
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