Credit union regulator change could provide financial lifeline
A change in the way Northern Ireland’s 177 credit unions are regulated is set to allow better financing for both individuals and small businesses.
At the end of this week, regulation of credit unions will transfer from the Department of Enterprise, Trade and Investment, to the Financial Services Authority and while the move will mean an increased administrative burden for board members, ordinary members will detect little difference.
However, accountant Gerard Gildernew, partner with Cavanagh Kelly Chartered Accountants, hopes the change will encourage credit unions to embrace the opportunity to offer a new range of products in direct competition to banks and building societies.
“As more and more of the population look for alternatives to traditional lenders credit unions can fill a huge void in the market and offer a lifeline to frustrated borrowers,” he said in the Irish News.