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NI credit unions face regulatory changes
Credit Unions in the North are facing a regulatory change-over from March 2012, the Irish Times revealed.
The move will see regulation of all local credit unions pass from the Northern Ireland Department of Enterprise and Investment to the UK’s Financial Services Authority (FSA).
From next March, some 400,000 credit union members will have their deposits protected to the value of £85,000 as a result of the regulatory changes.
The move could also mean that credit unions in the North may in the future, be able to provide a greater range of services to their customers such as current accounts, internet banking and even mortgages- as is the case in the UK.
Mark Durkan, SDLP MP welcomed the move and said that the transfer of regulatory powers to the FSA is “a passport that will give credit unions greater opportunities.”
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