Credit unions

Find out about credit unions: how to register and become authorised, reporting rules, yearly fees and how to change your society’s details.

December Handbook Notice No. 39

Following our consultation in CP16/17 Quarterly Consultation Paper No.13, we have made some changes to our rules for credit unions. These rules relate to the distribution and promotion of credit union deferred shares and subordinated debt. We have also made some further minor changes, including to reporting requirements and statements. 

Read Handbook Notice No. 39 (PDF)



A credit union is a financial co-operative owned by its members.

The services that credit unions can offer include:

  • deposit-taking
  • savings
  • lending

These services are regulated activities.

Credit unions are dual-regulated, which means that they are regulated by the Financial Conduct Authority (FCA) and by the Prudential Regulation Authority (PRA).

Read the PRA's webpages for credit unions.

Register and get authorised 

Before your credit union can offer financial services, it must be:

Find out more about our online reporting system Connect for applications and notifications.

Consumer credit

If your credit union also wishes to carry out regulated consumer credit activities, you may need to get authorisation from us.

Read more about credit unions and consumer credit

Senior Managers and Certification Regime

Read more about the Senior Managers and Certification Regime for credit unions:

Report to us and the PRA

All credit unions must send an annual return and accounts to the PRA.

Read more about annual returns and reporting.

You must also report to us on other matters, including:

  • the identity of controllers

Find out more about other reporting requirements.

These documents will be published in the Mutuals Public Register.

Change details

Changes to a society's rules are not effective until they have been registered by us. So, you must tell us of any changes to your credit union’s: 

  • name
  • registered office
  • rules
  • accounting year-end date

We may also need information about other changes.

Cancel your registration or dissolve a credit union

You must tell us if your credit union no longer wishes to be registered, or if you wish to stop trading (be dissolved).

Find out how to dissolve, or cancel the registration of, a credit union.

Useful guides for credit unions

See our short guides:

More information

We worked with the Prudential Regulation Authority (PRA) on reforming some of our rules for credit unions. Read more about this:

More about mutual societies:

Page updates

13/07/2020: Information added Video of webinar added to page