The Prudential Regulation Authority and Financial Conduct Authority are exploring changes to capital, audit and other requirements for credit unions; the options have not been adopted as rules.
Sole source: The UK’s Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) published a discussion paper on 3 November 2026, seeking views on possible changes to credit-union regulation. The paper builds on the regulators' joint 2025 Mutuals Landscape report and examines whether regulation remains proportionate as the sector evolves and how credit unions can expand access to financial services and improve member outcomes; its options are not adopted rules.
Credit unions are owned by their members and typically offer savings and personal loans to people in a particular occupation, community or area. The regulators say UK credit unions have more than 2 million members.
For smaller credit unions, the regulators are considering removing some internal-audit and regulatory-document requirements. They say this could reduce administrative burdens without compromising stability.
For larger, more complex credit unions, the paper explores more flexible capital requirements based on risk. One option would replace the simple leverage ratio they currently report with a standardized approach based on risk-weighted assets used for smaller deposit takers. A leverage ratio measures capital against exposure without weighting assets by risk; risk-weighted assets give different weights to assets and exposures based on their risk.
Another option would let credit unions convert into building societies. The regulators say that could provide a framework better tailored to specific lending and a wider range of funding tools. They are also reviewing the framework for solvent exits, with a view to giving credit unions more flexibility to transfer business or restructure in an orderly way.
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