FSA and HM Treasury confirm rules on the transfer of regulatory responsibility for credit unions in Northern Ireland
9th December 2011The Financial Services Authority (FSA) and HM Treasury (HMT) have today jointly announced that Northern Ireland’s credit union customers will have their deposits protected to the value of GBP85,000.
The change will come into effect on 31 March 2012 when regulation of all 177 credit unions passes from the Northern Ireland Department of Enterprise and Investment to the FSA. As well as bringing customers within the scope of the Financial Services Compensation Scheme, this move will also give them access to the Financial Ombudsman Service.
Martin Stewart, head of building societies and credit unions at the FSA said:
"'The changes mean that credit union customers will have the same protection as those using banks.
"'In January the FSA will be hosting a further round of road shows in Belfast, Londonderry and Newry amongst others to assist credit unions prepare for the transfer process.'"
