Prudential Regulation Authority Rulebook

Note: The following key definitions relevant to CREDS are extracted from the Glossary.

attached shares	means any shares in the credit union (other than any deferred shares):
	(a)	(in relation to a Great Britain credit union) the withdrawal of which is not permitted by section 7 (5) of the Credit Unions Act 1979 or (in relation to a Northern Ireland credit union) the withdrawal of which is not permitted by article 23(4) of the Credit Unions (Northern Ireland) Order 1985; or
	(b)	(in relation to a Great Britain credit union) the withdrawal of which is not permitted by the terms of a loan made to a member; or
	(c)	the withdrawal of which is not permitted without seeking and obtaining the permission of the committee of management of the credit union.
	In relation to a Great Britain credit union, paragraph (c) of this definition is relevant only where the credit union made a loan to the holder of the shares before the Legislative Reform (Industrial and Provident Societies and Credit Unions) Order 2011 came into force.
complaint	any oral or written expression of dissatisfaction, whether justified or not, from, or on behalf of, a person about the provision of, or failure to provide, a financial service, which:
	(a)	alleges that the complainant has suffered (or may suffer) financial loss, material distress or material inconvenience; and
	(b)	relates to an activity of that respondent, or of any other respondent with whom that respondent has some connection in marketing or providing financial services or products, which comes under the jurisdiction of the Financial Ombudsman Service.
CREDS	the Credit Unions New sourcebook.
deferred shares	in relation to a Great Britain credit union, means any shares of a class defined as deferred shares by section 31A of the Credit Unions Act 1979.
final response	(in CREDS 9) a written response from a respondent which:
	(a)	accepts the complaint, and, where appropriate, offers redress or remedial action; or
	(b)	offers redress or remedial action without accepting the complaint; or
	(c)	rejects the complaint and gives reasons for doing so;
	and which informs the complainant that, if he remains dissatisfied with the firm's response, he may now refer his complaint to the Financial Ombudsman Service and must do so within six months.
net liability	means the outstanding balance of any loan made to the borrower and any interest or charges on that loan that are due but unpaid, less any attached shares held by the borrower.
total non-deferred shares	means the total of members' share balances in a credit union shown in the most recent annual return to have been sent to the FSA under SUP 16.12.5 R (see CREDS 8.2.3 G), excluding any deferred shares in the credit union.
total relevant liabilities	means the sum of:
	(a)	unattached shares in the credit union, and deposits by persons too young to be members of the credit union; and
	(b)	liabilities (other than liabilities for shares) with an original or remaining maturity of less than three months (including overdrafts and instalments of loans).
unattached shares	means the total shares in the credit union other than any attached shares or deferred shares.