Powers of F1FCA and PRA
F217 Power to require information.
1
The FCA or PRA may by notice in writing require a credit union or an officer or former officer of a credit union—
a
to produce to it such books, accounts and other documents relating to the credit union’s business, and
b
to provide it with such other information relating to that business,
as it considers necessary for the exercise of its functions under this Act.
2
The notice must be served on the credit union or other person.
3
The notice may contain a requirement that any information provided in accordance with the notice is to be verified by a statutory declaration.
4
A credit union or other person who fails to comply with a notice under this section commits an offence.
5
A person guilty of an offence under this section is liable on summary conviction to a fine not exceeding level 3 on the standard scale.
Words in s. 17 cross-heading substituted (1.4.2013) by The Financial Services Act 2012 (Mutual Societies) Order 2013 (S.I. 2013/496), art. 1(1), Sch. 6 para. 10 (with Sch. 12)