PRA and FCA consult on credit unions: PRA and FCA are consulting on the reform of the legacy Credit Unions Sourcebook (CREDS). PRA proposes to delete CREDS from its designated rules and replace it with a new Rulebook part called Credit Unions. This would deal with the safety and soundness of credit unions. FCA will retain those parts of CREDS that relate to its statutory responsibilities, and so will deal with conduct of business.  FCA does not propose significant changes to its version of CREDS. PRA will transform the current CREDS into its new Rulebook style, and will also introduce changes to limit any investors' aggregate holding to the compensation limit, and introduce a new flexible framework for additional activities. Separately, FCA has explained how it has simplified its approach to the authorisation of credit unions using the "mobilisation" option already available to banks. Under mobilisation, PRA and FCA will work together with the applicant to make the authorisation process simpler and aid competition. PRA and FCA seek comments on their proposed rule changes by 30 September. (Source: PRA and FCA Consult on Credit Unions)