Every credit union in the UK is approved by the Prudential Regulatory Authority (PRA) and regulated by the Financial Conduct Authority (FCA) as well as the Prudential Regulatory Authority. Prior to April 2013 when the FCA and PRA took over, credit unions were regulated by the Financial Services Authority.

As independent non-governmental bodies, the FCA and PRA are given statutory powers by the Financial Services and Markets Act 2000. They are companies financed by the financial services industry and limited by guarantee.

The FCA & PRA are accountable to Treasury Ministers and, in turn, Parliament. They operate independently of government and are financed entirely by the firms they regulate - including credit unions. In order to meet four statutory objectives the FCA & PRA have been given a wide range of powers comprising rule-making, investigatory and enforcement abilities.

For more information on the PRA click here and for further information on the FCA click here. Thank you.