Ancillary to the Credit Unions (Amendment) Bill 2017, we developed a new regulatory regime for credit unions and sought your views on these proposals.
You supported the proposals and a summary of your comments can be found here.
The new regulatory regime for credit unions came into operation on 1 April 2019.
The Isle of Man Financial Services Authority has today issued Consultation Paper CP18-06/T03 on the new regulatory regime for credit unions and amendment to the existing loan interest rate.
The purpose of this consultation is:
Following the closure of the consultation period the Authority will publish a summary of the comments received.
Subject to views expressed in response to the consultation, the Authority will seek to progress all items of legislation through Tynwald together and bring them into operation as soon as possible thereafter.
Although no further changes to credit unions legislation are planned now, in due course:
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