Belfast Telegraph

Wednesday 23 April 2014

Credit union reform plans ‘not moving fast enough’

A Stormont committee has warned that plans for the reform of credit unions must gather pace if they are to make any difference in the recession.

The Assembly’s Committee for Enterprise, Trade and Investment said progress on legislation to |reform the scope and remit of credit unions in Northern Ireland was not proceeding fast enough.

Committee chairman Alban Maginness said: “It has been over a year since the committee reported its findings and made recommendations that would allow credit unions in Northern Ireland to expand their services and play a greater role in promoting |financial wellbeing and improving |financial services for low income and vulnerable groups.

“While we welcome the recent announcement by the Treasury and the department that a joint consultation and an estimated timeline for all processes required for reform legislation has been put in place, we are concerned that plans are not moving fast enough. It is crucial, particularly in this period of economic turmoil, that all our citizens are provided with the financial support and services they require. We need assurances that the timeline is realistic and will be strictly adhered to,” he said.