Transitional Provisions and Schedules

CREDS TP 1

Transitional Provision

CREDS Sch 1

Record keeping requirements

CREDS Sch 1.1

See Notes

handbook-guidance
There are no requirements relating to record keeping in CREDS.

CREDS Sch 2

Notification requirements

CREDS Sch 2.1

See Notes

handbook-guidance
The aim of the guidance in the following table is to give the reader a quick overall view of the relevant notification requirements.
It is not a complete statement of those requirements and should not be relied on as if it were.

CREDS Sch 2.2

See Notes

handbook-guidance

CREDS Sch 3

Fees and other required payments

CREDS Sch 3.1

See Notes

handbook-guidance
There are no requirements for fees or other payments in CREDS.

The table below summarises the fee requirements for credit unions detailed elsewhere.

CREDS Sch 3.2

See Notes

handbook-guidance

CREDS Sch 4

Powers exercised

CREDS Sch 4.1

See Notes

handbook-guidance

CREDS Sch 4.2

See Notes

handbook-guidance

CREDS Sch 5

Rights of actions for damages

CREDS Sch 5.1

See Notes

handbook-guidance
The table below sets out the rules in CREDS contravention of which by an authorised person may be actionable under Section 150 of the Act (Actions for damages) by a person who suffers loss as a result of the contravention.

If a "Yes" appears in the column headed "For private person?", the rule may be actionable by a "private person" under section 150 (or, in certain circumstances, his fiduciary or representative). A "Yes" in the column headed "Removed" indicates that the FSA has removed the right of action under Section 150(2) of the Act. If so, a reference to the rule in which it is removed is also given.

The column headed "For other person?" indicates whether the rule is actionable by a person other than a private person (or his fiduciary or representative). If so, an indication of the type of person by whom the rule is actionable is given.

CREDS Sch 5.2

See Notes

handbook-guidance

CREDS Sch 6

Rules that can be waived

CREDS Sch 6.1

See Notes

handbook-guidance
The rules made in CREDS can be waived by the FSA under section 148 (Modification or waiver of rules) of the Act.

CREDS includes guidance on rules made in other parts of the Handbook. Reference should be made to those parts of the Handbook concerning waiver of those rules.