Prudential Regulation Authority Rulebook

16.1

A credit union must arrange for orderly records to be kept of its business and internal organisation, including all services and transactions undertaken by it, which must be sufficient to enable the PRA to monitor the credit union’s compliance with the requirements under the regulatory system, and in particular to ascertain that the credit union has complied with all obligations with respect to members.

16.2

A credit union must maintain information systems to:

1. (1) enable the governing body to direct and control the credit union's business effectively; and
2. (2) enable the credit union to provide the information required by the PRA.

16.3

A credit union must ensure that the governing body satisfies itself that:

1. (1) the information is sufficient for the proper assessment of the potential risks for the credit union, and in order to determine its need for capital and liquidity;
2. (2) the information is sufficiently comprehensive to provide a clear statement of the performance and financial position of the credit union;
3. (3) management information reports are prepared with sufficient frequency;
4. (4) sufficient attention is focused on key factors affecting income and expenditure and that appropriate performance indicators are employed; and
5. (5) actual performance is compared with planned and previous performance.

16.4

A credit union must ensure that any quarterly and annual returns that may be required by the PRA under rules are reviewed at a sufficiently senior level before they are submitted to the PRA. The review must check for consistency between:

1. (1) different returns;
2. (2) various tables on the same return; and
3. (3) the returns and information prepared for the governing body.