As announced in the 2008 pre-Budget report HM Treasury, working closely with the Northern Ireland Executive, is conducting a review of the legislative framework for credit unions and industrial and provident societies in Northern Ireland.
The terms of reference are:
1. To identify the impact of the legislative and regulatory framework on credit unions and industrial and provident societies in Northern Ireland, in particular, to compare the position of Northern Ireland and Great Britain members in respect of:
* The effectiveness of arrangements for depositor protection.* The services that may be offered.* Consumer information and education.
2. To consult stakeholders on recommendations for any changes to the regulatory framework to strengthen member safeguards and structure of credit unions and industrial and provident societies in Northern Ireland.
The review will build on the inquiry into credit unions undertaken by the Northern Ireland Assembly Enterprise, Trade and Industry Committee. It will also consider best practice in other countries.
The Treasury will provide an update on the progress of the review at Budget 2009.
D.C.