delete FEES PAYABLE FOR REGISTRATION AND SUNDRY OTHER MATTERS
These regulations amend Schedule 2 of the Industrial and Provident Societies (Credit Unions) Regulations 1979 to set fees for credit union registrations, rule amendments, document certifications, inspections, and other sundry matters with the Registrar. Fees range from £3 (uncertified document copies) to £800 (certain registrations and model rule approvals), with various reductions and exemptions specified.
While modest in individual amounts, these fees constitute a regressive barrier to entry and ongoing compliance for credit unions—member-owned financial cooperatives serving working-class communities. User-pays charging for regulatory services is inherently distortive and disproportionately burdens smaller, community-based credit unions. The regulatory function (maintaining the register, authenticating documents) could be funded from general taxation more efficiently. Critically, post-FSMA 2000, the FSA/FCA now supervises credit unions, making this 1998 fee schedule an anachronistic duplication of regulatory funding mechanisms. The fees fund no substantive consumer protection beyond what other legislation provides—merely administrative processing that should not carry special charges.