§ Mr. LoveTo ask the Chancellor of the Exchequer what discussions his Department has held with the representative bodies for credit unions regarding the development of a share protection scheme; and if he will make a statement. [55219]
§ Ms HewittThe Credit Union Act 1979 provides for credit unions establishing a share protection scheme, if they wish to do so, and officials from the Registry of Friendly Societies have held a number of meetings with representative bodies for credit unions on this subject—although the movement has not, so far, introduced such a scheme. A consultation document will be issued shortly on how credit unions should be regulated in the future.926W This will seek views on whether or not credit unions should be included within the Financial Service Authority's Compensation scheme.