Legislation / Legal
FSCS: Changes to the Credit Union Act came into force on 8 January 2012, removing the requirements that place a restriction on credit union membership. The changes will not impact on the protection FSCS provides credit union members which will remain at £85,000 per person.
The new legislation also means that for the first time, credit unions can provide services to businesses, community groups and social enterprises. They will also be able to offer interest on savings, instead of paying dividends to members and will be able to charge for additional services.
