Northern Ireland and HM Treasury Ministers have decided to transfer responsibility for the regulation of credit unions in Northern Ireland from the Department of Enterprise, Trade and Investment in Northern Ireland (DETI) to the Financial Services Authority (FSA). This will take place on 31 March 2012.

These pages are intended to provide anyone who is, or wants to be, involved in a credit union in Northern Ireland with the latest information about the regulatory transfer to the FSA. If you want to keep up to date in the lead up to the transfer, keep checking these pages.

Latest news

Finalisation of the rules for credit unions in Northern Ireland

On 21 March 2012, the FSA Board finalised the rules that were contained in Appendix 1 of the PS 11/18 FSA regulation of credit unions in Northern Ireland, and which will apply to credit unions in Northern Ireland from transfer on 31 March 2012. While there have been some minor amendments to the legal drafting, the substance of the rules has not changed.

The rules will be incorporated into the online Handbook on 31 March 2012.

Questions from roadshows for credit unions in Northern Ireland

We have produced a factsheet, to provide comprehensive answers to the most common questions raised at our roadshows for credit unions in Northern Ireland which we held at the start of this year.

FSA surgeries for credit unions in Belfast 21 - 23 May 2012

Our programme of surgeries for credit unions in Northern Ireland will begin in May 2012, by now all Northern Ireland credit unions should have received our formal letter of invitation. See the surgeries page for full details.

Publication of a quarterly consultation paper - credit union rules

On 6 March 2012, we published a quarterly consultation paper (QCP).

Chapter 6 of the QCP proposes minor Handbook amendments for:

• credit unions in Great Britain to achieve a single regulatory regime for all credit unions in the UK; and
• all credit unions, whether in Great Britain or Northern Ireland, to update and clarify the Handbook.

We welcome comments by 6 May 2012.

Credit unions in Northern Ireland

On 9 December 2011, we wrote to all credit unions in Northern Ireland, their trade associations and other interested parties.

This letter explains that on 9 December 2011 the FSA and HM Treasury jointly published Policy Statement ‘PS11/18 FSA regulation of credit unions in Northern Ireland. This Policy Statement summarises responses received to Consultation Paper 11/17 on the proposed legislative and regulatory regime to apply to credit unions from the transfer of regulatory responsibility to the FSA on 31 March 2012. It explains which of the initial proposals have changed, which have remained the same, and why.

On the same day, we also issued a press release to announce the publication of PS11/18.

In addition to existing factsheets, we have produced a new factsheet for credit unions in Northern Ireland, which gives information on how credit unions that are grandfathered as version 1 can apply for version 2 status from 31 December 2011. It also explains what version 2 credit unions can do and the extra requirements needed.

We have additionally produced a Variation of Permission (VoP) application form for credit unions in Northern Ireland wishing to change their requirement from a Version 1 to a Version 2 Credit Union.

Northern Ireland roadshows

This is the second series of roadshows in Northern Ireland, which will provide another opportunity to meet with the Financial Services Authority and further explain, and help, credit unions in Northern Ireland prepare for the transfer of regulatory responsibility, and the commencement of the new regime on 31 March 2012. We encourage all credit unions in Northern Ireland to send up to two representatives to one of the roadshows. Please book as soon as possible via the booking form.

Regulatory fees and levies: Policy Proposals for 2012/13

CP11/21 is an annual consultation, relevant to all FSA-authorised firms, so whilst your credit union is not yet regulated by the FSA we feel you should be given the opportunity to respond to these proposals, some of which will affect you once you are authorised. Chapter 8 clarifies our fees policy for Northern Ireland credit unions.

Credit unions in Northern Ireland

Glossary of useful terms: Roadshows for credit unions in Northern Ireland

Credit unions in Northern Ireland

On 31 August 2011, we wrote to all credit unions in Northern Ireland, their trade associations and other interested parties.

This letter explains the transfer of regulatory responsibility to the FSA, and includes a link to the HM Treasury and FSA’s joint Consultation Paper 'CP11/17 FSA regulation of credit unions in Northern Ireland’.

On the same day, we also issued a press release to announce the publication of CP11/17.

A joint consultation

CP11/17 is a public document setting out the proposed legislative and regulatory regime to be applied to credit unions in Northern Ireland from transfer and inviting responses from interested parties. See a summary of further details on the proposed regulatory regime.

The public consultation period will end on 31 October 2011 and we are very keen to hear views on our proposals from credit unions in Northern Ireland and anyone else with an interest in the credit union movement. If you wish to respond, you can send your comments via a form on the FSA’s website:

Alternatively, please write to or call:

Kate Healy
Banking Policy Department
Financial Services Authority
25 The North Colonnade
Canary Wharf
London E14 5HS

Telephone: 020 7066 7524
Fax: 020 7066 7525
Email: cp11_17@fsa.gov.uk

We will consider your responses and intend to provide a joint response with the Treasury in December 2011.  The joint response and ‘near final’ FSA rules for Northern Ireland credit unions will be published on this site.

Factsheets and transfer timetable

We appreciate that interested parties will also want more general background information on some aspects of the transfer process and FSA regulation. As this information is not included in CP11/17, we have published a number of factsheets. We have also published a timetable outlining the steps to transfer.

If you wish to discuss the more general aspects of the transfer of regulatory responsibility that are not included in CP11/17, please contact:

The Customer Contact Centre (businesses regulated by the FSA only)

UK: 0845 606 9966 (call rates may vary)

International: +44 20 7066 1000

Northern Ireland roadshows

We held the first in a series of roadshows in Northern Ireland in September / October 2011 to explain the proposals and get your feedback.Booking form.

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