Consultation on Credit Unions: The New Regulatory Regime and Amendment to Loan Interest Rate

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:

  1. to obtain views about the proposed credit unions’ regulatory regime that will be enacted in secondary legislation made under the Financial Services Act 2008; and
  2. to seek views on a proposed increase to the maximum interest rate payable by borrowers on loans made by credit unions under the Credit Unions Act 1993 (as amended in 2018).

Responses to the consultation are requested by 14 December 2018. Please refer to the consultation webpage for further information.