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Ready for Senior Managers Regime


23 Feb 17

ABCUL is helping credit unions prepare for the next tranche of rules under the Senior Managers Regime.

The latest rules relating to Regulatory References, Conduct Rules and the Certification Regime come into force for credit unions from 7 March 2017 as part of the new regulatory regime which has been introduced for the entire British financial services sector.

ABCUL has a range of resources in place to support its member credit unions with compliance with the new rules. A comprehensive Information Guide has been put together by ABCUL’s Policy Team to take credit unions through all the changes, and a special sub-guide dedicated to Regulatory References – including the prescribed reference template for recruiting from other regulated firms – has also been prepared. (Please note you must be registered for the ABCUL members’ website to access these guides).

An ABCUL eXpresso session – a special live half hour webinar which credit union personnel can tune into and interact with from their desks at lunchtime – on the subject of Upcoming Changes to the Senior Managers Regime (SMR) has been fully booked twice and so will run again on Monday 27 February at 12noon.

And the ABCUL Academy – the new comprehensive training suite for credit unions featuring an industry-leading Learning Management System and compliance content and training modules – includes specific courses to teach staff, directors and volunteers everything they need to know about the new rules which are coming into force.

ABCUL Head of Member Services Rosanna Donovan said: “ABCUL has engaged closely with both the Prudential Regulation Authority and the Financial Conduct Authority to ensure a proportionate implementation of the Senior Managers Regime on the credit union sector.

“Alongside this, we have gone to great lengths to provide our members with everything they need through a variety of channels to ensure they are compliant with the new rules when they come into force next month.

“ABCUL’s library of comprehensive bespoke information guides for credit unions is unparalleled and is such a valuable resource for our members; our new eXpresso session webinars have proven a really popular way for credit unions to engage with regulatory and operational developments; and the ABCUL Academy is simply the best training resource ever available to the sector – which is why more than 700 people have signed up to use it since we launched it last year.”

ABCUL’s resources are available to every credit union in Britain when they join the Association. For more information, please email or call 0161 832 3694.

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