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Financial Conduct Authority – Information about current account services

Information about current account services - response from ABCUL

This is a short response on behalf of the Association of British Credit Unions Limited (ABCUL) to the FCA’s proposals on standardising service information in relation to current account services.  ABCUL is the main trade association for credit unions in Britain representing 61% of credit unions in England, Scotland and Wales. 

We respond only to express our support for the proposed exemption for credit unions from the proposals (as well as for those with under 70,000 personal current account holders – which would also cover all credit unions today).  We agree that to apply these requirements to credit unions would represent a disproportionate burden due to our members’ small scale and would have limited usefulness given the common bond and other restrictions which limit the scope for competition between credit unions. 

The FCA’s proactive recognition of proportionality concerns in this case is very welcome and we commend the efforts taken by FCA in this regard. 

We would be glad to discuss this further should you wish. 

ABCUL - September 2017