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Response to proposals for regulatory reform of credit unions in Northern Ireland
Seeking the views of stakeholders on the decision to transfer the regulation of credit unions in Northern Ireland from the Department of Enterprise, Trade and Investment to the Financial Services Authority.
The transfer of regulation will protect credit union members in the event of a collapse of their credit union by giving access to the Financial Services Compensation Scheme and the Financial Ombudsman Service.
This consultation also seeks views on associated changes to credit union legislation and regulation in Northern Ireland.
These include whether the Northern Ireland legislation should be amended to give credit unions the same powers as are available to those in GB; and whether they should have specific powers enabling community investment and whether the registration function for Northern Ireland credit unions should also pass to the FSA.