Fern has been installing systems regulated by the FSA (Registrar
of Friendly Societies) for over 25 years and you can rest assured
that Abacus is fully FSA compliant.
Fern has more sites already supplying the FSA report than any
other supplier.
In Abacus the Nominal Ledger is totally integrated- unlike some
other systems where the Nominal Ledger uses third party systems
(such as Sage). Simply select the Abacus menu and the report will
be produced in a matter of minutes without having to
transcribe figures from two different reports.
The Financial Services Compensation Scheme
Every credit union in N Ireland is about to become a member of
the Financial Services Compensation Scheme (FSCS). This information
will et you know how the FSCS works, and what that means for you
and your Members.
Who's eligible?
After approval, the FSCS can pay compensation to anyone who has
made a deposit if a credit union is unable to meet itsfinancial
obligations. Members' shares will be covered by the Scheme.
How it works
In respect of shares, an eligible Member is entitled to claim up
to £85,000. For joint accounts each account holder is treated as
having a claim in respect of their share. So for a joint account
held by two eligible depositors, the maximum amount that could be
claimed would be £85,000 each (making a total claim of £170,000).
The £85,000 limit relates to the combined amount in all the
eligible depositor's accounts with the bank, including their share
of any joint account, and not to each separate account. Each
Member can only make one claim of £85,000 in total.
Single Customer View (SCV) Report
The Single Customer View (SCV) report is produced automatically
from Abacus.
FSA Annual Return (Form CY)
This return has to be submitted with the annual accounts within
7 months of the credit union's year end. The FSA Quarterly
Return (CY) report is produced automatically from Abacus.
FSA Quarterly Return (Form CQ)
This return should be submitted within one month of the quarter
end. The FSA Quarterly Return (CQ) report is produced
automatically from Abacus.
Also see PDF link
here showing the benefits of using the Abacus system from
Fern
