FSA launches consultation on savings limits

Mon, 10 Aug 2020

The Isle of Man Financial Services Authority has recently issued a consultation on increasing the maximum savings that can be held in a credit union on the Isle of Man. The new proposals (which are supported by the MCU) are in line with existing limits for UK credit unions and would give credit unions on the Isle of Man future flexibility and scope for growth.

The consultation is available online at https://consult.gov.im/financial-services-authority/credit-unions-savings-limit-change/  and responses need to be emailed in by 13 September