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FSA publishes credit union compensation proposals

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The FSA is publishing details of proposed arrangements for compensation of credit union members.

The proposals, designed to deal with the fallout in the event of the failure of a credit union, are set out in Consultation Paper 94 – Credit unions: Consumer Compensation and Consumer Complaints.

FSA credit unions regulation head says: “A sound and effective investor protection scheme is a key factor for public confidence in the credit union movement and for its future growth. From the middle of next year credit union members will come under the Financial Services Compensation Scheme and will thus be protected in the same way as depositors with banks and building societies.”

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