There is still time to voice your opinion on establishing a credit union on the Isle of Man but be quick! The Isle of Man Financial Supervision Commission’s public consultation, launched last month, closes this Friday 13th March.

The FSC’s high level consultation seeks views on potential changes to existing legislation ahead of the draft of a new Credit Union Bill.  Manx Credit Union Working Party Chairman David Talbot said it was generating a lot of interest:

“Many people have got in touch, or dropped in on one of our open day sessions, to find out more about what the changes would mean.  We know there is a lot of grass root support for establishing a credit union on the Isle of Man but often people are unsure how the legislation would affect its operation.

 “We would urge all supporters of credit unions to write in and show their support whether they feel able to comment on the technical aspects of the consultation or not. We are hoping the FSC will get enough feedback to allow it to draft and introduce the new legislation as quickly as possible.”

Credit unions are non-profit member-owned community organisations typically offering savings accounts and small loans from pooled deposits.  Unlike banks, credit unions have no external shareholders to pay and any surplus is invested back into the credit union’s services.  Worldwide around 208 million people in 103 countries belong to credit unions.

The FSC consultation is open until 13th March 2015 and can be found online at http://www.fsc.gov.im/lib/docs/fsc/consultations/consultationoncreditunionshighleveli.pdf. Email submissions may be made. For more information on the Manx Credit Union go to www.mcu.im , email info@mcu.im or call 619459.