NI credit union customers to have deposits protected

The FSA and the Treasury have jointly announced that Northern Ireland’s credit union customers will have their deposits protected to the value of £85,000.

The change will come into effect on 31 March 2012 when regulation of all 177 credit unions passes from the Northern Ireland Department of Enterprise and Investment to the FSA.

As well as bringing customers within the scope of the Financial Services Compensation Scheme, this move will also give them access to the Financial Ombudsman Service.

Martin Stewart, head of building societies and credit unions at the FSA, said: “The changes mean that credit union customers will have the same protection as those using banks.