Pra, 20 Moorgate, London - Decision Notice
What is happening?
4 September 2024
DECISION NOTICE
Firm Name: South Airdrie Credit
Union Limited, FRN: 213982
On the 24 July 2024, The PRUDENTIAL REGULATION AUTHORITY (PRA) gave NOTICE to South Airdrie Credit
Union Limited (the Firm) that it has decided, pursuant to section 55J of the Financial Services and Markets Act 2000 (the “Act”), to cancel the Firm’s permission to conduct regulated activity under Part 4A of the Act.
The PRA’s view is that the Firm is failing to satisfy the PRA’s threshold conditions as set out in Part 1E, Schedule 6 of the Act and that the Firm has not conducted any regulated activity for a period of at least 12 months.
The full reasons for the PRA’s decision are set out in the Decision Notice issued to the Firm, a copy of which is available on the PRA’s website: The PRA’s statutory powers and enforcement | Bank of England).
Any person requiring further information or with queries as to the PRA’s decision should contact the Heads of Department and Managers Panel by writing to the PRA Governance Team, at the PRA, 20 Moorgate, London EC2R 6DA; or preferably, Email: PRASecretariatRepresentations@bankofengland.co.uk by 18 September 2024.
FSCS -
On 5 April 2006, the Financial Services Compensation Scheme (FSCS) declared the Firm in default. For further information about the FSCS and making a claim, please visit the FSCS website (www.fscs.org.uk).
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