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PRA – Regulated Fees and Levies – Rates Proposals 2016-17

Having consulted with ABCUL’s membership which represents around two thirds of all credit unions which are affiliated to a trade body, we are pleased to confirm our support for the rates proposals as published. 

In particular, we support the PRA’s commitment to proportionality as represented by its continued maintenance of the minimum fee rates it inherited from the FSA regime.  These minimum fee rates – and in particular the special minimum fees available to small credit unions – are key to supporting the development and maturation of credit unions prior to contributing on the same basis as other firms once they reach certain scale.  We appreciate the ongoing recognition that this fee regime for credit unions represents as to the social role credit unions play in extending access to affordable and appropriate financial services.

Furthermore, we support the proposed new authorisation fee for new start credit unions which, in light of the abolition of Version 1 and Version 2 credit unions, sets the authorisation fee at the level previously reserved for Version 1 credit unions.  Once again, this recognises credit unions’ need for proportionality – particularly in their early development – and we appreciate this ongoing support for the sector. We appreciate the opportunity to respond to this consultation and would be very happy to answer any questions you may have