Consultation Responses


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As the principal trade association for credit unions in Britain and a key player in the development of inclusive financial services, ABCUL actively responds to many consultations and enquiries. Our responses to the following consultations are available to view below.

Latest Consultations

HM Treasury - Call for evidence - Future of financial regulation

ABCUL responded to the HM Treasury's call for evidence on the future of the regulatory framework for financial services. In our response ABCUL pushes for legislative reform of the Credit Unions Act to more clearly define the extent of which credit unions can provide different kinds of financial services. ABCUL also makes the case for a continuation of proportionate regulatory exemptions for credit unions post-Brexit and the seperation of the Mutual Societies Register function from the FCA due to it's ineffectiveness and the conflicts of interest that arise between it and the regulatory functions of the FCA. Download 

Call for evidence: regulation of insolvency practitioners; review of current regulatory landscape

ABCUL submitted a response to the Insolvency Service’s Call for Evidence. A many members will be aware, we have been calling for some time for significant changes to the regulation of this sector, and we were pleased that the Insolvency Service launched a Call for Evidence on the matter earlier this summer. Download 
In addition to this, we also co-ordinated a joint letter with the other 4 credit union trade associations, which noted the fact that the whole sector is united in its concern about this issue Download 

Financial Conduct Authority – Guidance for firms on the fair treatment of vulnerable customers

ABCUL has responded to Financial Conduct Authority’s consultation on new guidance on how firms should treat vulnerable customers fairly Download 

Scottish Government - Protected Trust Deed Review (April Review)

ABCUL has responded to the Scottish Government's consultation on Protected Trust Deeds, the most frequency used debt solution in Scotland. In our response, which was based on consultation with members, as well as our Call for Evidence on insolvency issues, and our workshop at the recent ABCUL conference Download 

Breathing Space 2019

ABCUL has responded on behalf of members to a Treasury consultation on a new Breathing Space and statutory debt repayment scheme in England and Wales. Download 

Accountant in Bankruptcy (Scotland): Debt Arrangement Scheme Consultation

ABCUL recently consulted members on planned changes to the Debt Arrangement Scheme in Scotland Download 

FCA - Rent to own & Alternatives to high cost credit

ABCUL has responded to the Financial Conduct Authority’s consultation on remedying the market failures of the rent to own sector which includes firms such as BrightHouse. ABCUL supported all of the proposals put forward to further regulate and limit the sector whilst also providing feedback on a number of initiatives that the FCA is considering to support low-cost alternatives such as credit unions. Download 

FCA - Regulated fees and Levies: Policy Proposals for 2019-20 high cost credit

ABCUL has published its response to the Financial Conduct Authority's annual consultation on its fees policy for the year ahead. ABCUL strongly supported proposals to exempt credit unions from consumer credit fees and remove the costs of accessing information on the Mutual Societies Register except where a visit to an FCA office is requested. Download 

Isle of Man – New Regulatory Regime and Amendment to Loan Interest Rate

ABCUL has published a short response submitted last year to the Isle of Man Financial Services Authority. ABCUL commented on proposals to change the Isle of Man credit union regulatory regime and adjust the statutory loan interest rate cap. Download 

Bank of England & Prudential Regulation Authority - Approach to EUWA reforms

ABCUL has responded to two parallel consultations on the repercussions of leaving the European Union on financial services legislation class Download 

Prudential Regulation Authority – Nationalising the Acquis

We limit our feedback in this response to the proposals affecting credit unions contained in chapter 6 of this consultation. Download