Credit Unions (Amendment) Bill 2017

Closed 25 Apr 2017

Opened 10 Mar 2017

Contact

Mrs Susan Woolard

(Policy Adviser)

01624 689333

susan.woolard@iomfsa.im

Feedback updated 15 Oct 2019

We asked

We asked for your views on the draft Bill.

You said

You supported the Bill and a summary of your comments can be found here.

We did

The Bill was enacted and came into operation on 1 April 2019.

Results updated 8 Jun 2017

Comments were received from four external parties: one MHK (politician), one corporate services provider (‘CSP’), one credit union trade body and one credit union. Comments were also received from other Government bodies.

Files:

Overview

In early 2015 a high level consultation was issued that outlined proposals to address perceived deficiencies in the Credit Unions Act 1993 (‘CUA’) and to develop a framework for regulating credit unions. Responses to the consultation evidenced considerable support for changes to the CUA that would facilitate credit unions in the IoM and so research began for drafting a Credit Unions (Amendment) Bill (‘Bill’). Simultaneously, work was under way to establish the IoM’s first credit union and this was incorporated in August 2016.

The point has now been reached where the Authority can consult on the Bill, which is at Appendix B to this paper. A Keeling Schedule (which shows the CUA as it would be following the changes proposed by the Bill) forms Appendix C to this paper (in a separate document).

Why we are consulting

This consultation paper invites affected parties and their advisers to consider the content of the Bill / Keeling Schedule, (Appendix B / C to this paper) and to submit comments to the Authority before the closing date for the consultation. All views are welcome, but notably those that include constructive comments or evidence to support suggestions.

Unlike in the high level consultation, the Authority is not now seeking to discover whether there is support for a credit union in the IoM, because that support has already been evidenced by the membership of the Manx Credit Union Limited (‘MCU’)

Areas

  • All Areas

Audiences

  • Elected members - MHKs
  • Elected members - local government
  • Tenants
  • Landlords
  • Employees
  • Older people
  • Homeowners
  • Self-employed
  • Students
  • Retired
  • Children & young people
  • Volunteers
  • Unemployed
  • Parents, carers and & guardians
  • People with disabilities or long term illness
  • Leaseholders/ landowners
  • Lesbian, gay, transgender & bisexual
  • Civil and public servants
  • Black & minority ethnic
  • Business owner
  • Road users
  • Visitors & tourists
  • Other non-resident - business interests

Interests

  • Legislation
  • Finance