The PRA has updated its credit union web page with information about statements made by credit unions.
The PRA has noticed that some credit unions are promoting themselves, particularly on their websites, as being able to offer similar services to that of banks and building societies and are subject to a similar regulatory regime as banks and building societies. The PRA states that credit unions should consider whether such statements are appropriate. The PRA also warns that credit unions should be mindful of misrepresenting their situation, the products and services they can offer their members and that they should take steps to ensure the description of services offered is accurate.
View Credit unions, 6 January 2014