Credit unions now regulated under FSA

Professional Adviser
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A regulatory system for Britain's 700 credit unions came into effect yesterday under the remit of th...

A regulatory system for Britain's 700 credit unions came into effect yesterday under the remit of the Financial Services Authority, in a bid to protect consumers financially from loan sharks who either cannot or do not want to use banks. Credit unions will be required to meet solvency requirements and standards of practice, much like most other financial services companies, key personnel will have to meet standards set out in the FSA's rules for approved persons, but the key change is consumers with have access to the Financial Services Compensation Scheme should any of the companies g...

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