Newry Credit Union to be regulated by the FSA
The Financial Services Authority and HM Treasury have this week said that Newry Credit Union customers will have their deposits protected to the value of £85,000 from the 31st of March 2012. The changes will be implemented in all of Northern Ireland’s Credit Unions when regulation duties pass from the Northern Ireland Department of Enterprise, Trade and Investment to the Financial Services Authority.
As with the rest of Northern Ireland, Newry customers will be brought within the remit of the Financial Services Compensation Scheme and will also have access to the Financial Ombudsman Service. Head of building societies and credit unions at the Financial Services Authority, Martin Stewart, said, “The changes mean that credit union customers will have the same protection as those using banks.”
He added, “In January the FSA will be hosting a further round of road shows in Belfast, Londonderry and Newry amongst others to assist credit unions preparing for the transfer process.”
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