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FSA applauds credit union proposals

The FSA has welcomed the Government’s proposals designed to remove restrictions on the way credit unions can operate.

FSA director wholesale and prudential policy Paul Sharma says: “We welcome today’s announcement and the encouragement for the credit union movement to grow as an economic force and to provide wider services to their members, some of whom are financially vulnerable and have limited access to other financial services.

“The experience of recent years where a number of credit unions have failed also indicates the need to strengthen some aspects of our regulatory policy for the sector. This will help credit unions become financially sounder and better managed and thereby better placed to take maximum advantage of the possibilities the legislative changes open up for them.

“We plan to publish a consultation paper in the autumn which will set out the shape of the stronger regime focussed on improving capital and liquidity, and encouraging better compliance by key people with significant influence over credit unions.”

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