Cochrane hails plan for more protection for credit union savers

Alliance Finance Spokesperson Judith Cochrane has welcomed a planned move which will see more protection for people who save at credit unions. The proposed change is that the regulation of credit unions is set to move next March from the Department of Enterprise, Trade and Investment to the Financial Services Authority and this means accounts will be underwritten up to £85,000.

Judith Cochrane MLA said: “Extra protection for credit union savers is crucial and we only have to look at what happened to the Presbyterian Mutual Society to see why a measure like this is so important.

“People work hard to build up their savings and it is vital that they are not lost if something goes wrong within an organisation.

“People who invested money with the PMS had a very long and worrying wait to find out what would happen with their savings and we never want to see a repeat of these troubling circumstances.”

ENDS