Fresh concerns have been raised about yet more delays to the proposed legislative reform of credit unions in Northern Ireland. The Assembly heard of the possible difficulties that may arise as the consequence of an incoming Conservative Government which has stated its intention to abolish the Financial Services Authority (FSA).
The proposed reforms for Northern Ireland are based on the proviso that Credit Unions here are to to be placed under the regulation of the FSA. This in turn would allow credit unions to drastically expand the services they can offer to their members and it would also afford greater protection for those members' savings (an issue highlighted all too starkly by the Presbyterian Mutual Society collapse).
Obviously any abolition of the authority would throw these proposals into limbo.
The Minister did stress that she would press both the Treasury and the new Secretary of State on the reforms.
No comments:
Post a Comment