Credit Union Compliance

Navigating Compliance with Limited Resources

Credit unions operate in a unique niche within the financial sector, often grappling with stringent regulatory demands from both the Financial Conduct Authority (FCA) and Prudential Regulatory Authority (PRA) amidst resource constraints. At Skye Compliance, we recognise these challenges and offer specialised compliance services designed to support Credit Unions in overcoming these hurdles effectively.

Addressing Key Challenges

Resource Limitations

Many Credit Unions face the challenge of limited operational resources, making comprehensive compliance management a daunting task. Our services are designed to extend your team's capabilities, providing expert compliance support without the need for extensive in-house resources.

Governance Training for Non-Executive Directors

The governance structure of Credit Unions often includes Non-Executive Board members who play a crucial role in oversight but may lack specific regulatory knowledge. We offer tailored governance training and support to empower your directors with the knowledge and tools needed for effective compliance oversight.

Complex Regulatory Landscape

The dual regulatory oversight by the FCA and PRA adds layers of complexity to compliance management. Our team stays abreast of the latest regulatory developments, offering guidance and solutions that ensure your Credit Union remains compliant amidst evolving regulations.

Risk Management Strategies

Identifying and mitigating risks is paramount for Credit Unions. We provide risk management solutions that align with PRA requirements, helping you to identify, assess, and mitigate both financial and operational risks effectively.

Customised Compliance Programs

Recognizing the diverse nature of Credit Unions, we offer customised compliance programs that address your specific operational and regulatory needs, from policy development to compliance training and regulatory reporting.

Ongoing Support and Advisory

The regulatory environment is ever-changing. Our ongoing advisory services keep you informed of regulatory changes and provide strategic advice on navigating these shifts, ensuring your Credit Union remains ahead of the compliance curve.

At Skye Compliance, we understand the unique challenges Credit Unions face in maintaining compliance with limited resources and specialised governance structures. Our comprehensive suite of services is designed to alleviate these pressures, allowing you to focus on serving your members while we ensure your compliance framework is robust, effective, and up-to-date.

Credit Union faces.