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CU System
Proposal to include Irish CUs in FSA regulation dropped
BELFAST (1/13/10)--A proposal that would have brought credit unions in Northern Ireland under the regulation of the Financial Services Authority (FSA)--like those in Great Britain--has been dropped from the Financial Services Bill progressing through Parliament. According to the Belfast Telegraph (Jan. 12), that would--for now--dash credit unions' hopes of offering a wider range of services. The government had indicated in its Reforming Financial Markets white paper that it would bring the credit unions within FSA regulation. The Financial Services Bill was expected to implement this so credit unions could offer additional financial services such as accounts. A Treasury spokesman said the measure would not be introduced prior to the general election. A Department of Enterprise, Trade and Investment (DETI) spokeswoman added that the changes need several pieces of legislation to be approved by both Parliament and the Assembly. DETI and the Treasury concluded that the bill was not a suitable legislative vehicle for such changes. DETI and Treasury would be consulting on legislative changes before summer, she said. Credit unions intend to meet with Treasury ministers to try to amend the bill in the House of Commons, said a credit union representative.


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