FSA/PN/109/2011
09 Dec 2011
The 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 £85,000.
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.''
Notes for editors
- Read the Policy statement.
- Factsheets, road show booking form and further information on the transfer process for Northern Ireland credit unions can be found on the small firms website.
- The FSA regulates the financial services industry and has four objectives under the Financial Services and Markets Act 2000: maintaining market confidence; securing the appropriate degree of protection for consumers; fighting financial crime; and contributing to the protection and enhancement of the stability of the UK financial system.
