MANCHESTER, U.K. – U.S. credit unions are well aware of the problems encountered when adjusting to new regulations, now their English counterparts are in for their own experience. Credit unions in the United Kingdom are facing a whole new regiment of regulations when they change to a new regulatory agency, the Financial Services Administration (FSA). In the past year there has been a flurry of new rules and regulations proposed and commentary demanded. Now the FSA has published a Credit Unions Specialist Sourcebook which when finalized will contain all the rules and regulations credit unions will be expected to comply with starting July 1, 2002. Association of British Credit Unions Ltd. CEO Shaun Spiers told credit unions, “It is important that all credit unions take time to become familiar with the FSA’s new requirements. ABCUL will continue to help provide information and guidance to member credit unions.” Any U.S. credit union interested in the new regulations can download a copy from the FSA’s Web site at UK credit unions can receive one hard copy free. Additional copies cost 10 each. FSA officials will attend a number of meetings of ABCUL Chapters in Yorkshire, London, West Midlands, Exeter, Merseyside, Manchester and Glasgow in the coming months to discuss the proposals. They will also be at the bi-annual Welsh Forum and the ABCUL Annual General Meeting. ABCUL leaders are also encouraging credit unions to voice their opinions before the regulations are finalized. – [email protected]

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