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  • Credit Unions and Societies

    This page is for societies registered under the Co-operative and Community Benefit Societies Acts (Northern Ireland) 1969 and 1976 and the Credit Unions (Northern Ireland) Order 1985. The Department for the Economy is responsible for the policy and legislative framework.

    The regulation of credit unions is the responsibility of the Prudential Regulation Authority (PRA) and the Financial Conduct Authority (FCA).

    The registration function for Credit Unions and Co-operative and Community Benefit Societies is the responsibility of the FCA.

    Legislation updates

    The Corporate Insolvency & Governance Act 2020

    The Corporate Insolvency and Governance Act 2020 (Coronavirus) (Amendment of Relevant Period for Meetings of Registered Societies and Credit Unions No. 2) Regulations (Northern Ireland) 2020 introduced a temporary measure enabling credit unions, co-operatives and community benefit societies to hold statutory meetings in a flexible manner. The temporary measure allows statutory meetings to go ahead without being held in a physical location.

    The temporary measure expired on 30 December 2020.

    The Department for the Economy has made and laid regulations extending the measure to 29 March 2021:

    • legislation.gov.uk website

    The regulations came into force on 30 December 2020 and were approved by the NI Assembly on 8 February 2021.

    The Department of Finance has introduced the Administration of Estates (Small Payments) (Increase of Limit) Order (Northern Ireland) 2020.

    There is a limit set on the amount of money that may be released to the beneficiaries of a deceased person from that person’s estate by NI mutuals without the need to obtain a grant of probate. The above legislation has increased that limit to £20,000.

    By virtue of section 6(2) of the Administration of Estates (Small Payments) Act (Northern Ireland) 1967, this order applies in relation to deaths occurring, or nominations affected, after the expiration of a period of one month beginning with the date on which the order comes into operation:

    • legislation.gov.uk website - The Administration of Estates (Small Payments) (Increase of Limit) Order (Northern Ireland) 2020

    Transfer of Registry to the FCA

    On 6 April 2018, operational responsibility for the registration of Northern Ireland credit unions and Industrial and Provident Societies moved to the Financial Conduct Authority (FCA). All registration queries should be directed to the FCA.

    • Transfer of Registry to the FCA

    Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016

    Please note that the remaining provisions of the Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 came into force on 6 April 2018.

    • Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016
    • The Credit Unions and Co-operative and Community Benefit Societies Act (Northern Ireland) 2016 (Commencement) Order (Northern Ireland) 2017

    Publications

    • Registry of Credit Unions and Industrial and Provident Societies Annual Report 2014-15
    • Registry of Credit Unions and Industrial and Provident Societies Annual Report 2013-14
    • Registry of Credit Unions and Industrial and Provident Societies Annual Report 2012-13

    Contact us

    For further information or enquiries, contact the Department's Better Business:

    • Better Business

    Useful links

    • ​Prudential Regulatory Authority
    • Financial Conduct Authority
    • HM Treasury - (HMT)
    • The Financial Services Compensation Scheme - (FSCS)
    • Irish League of Credit Unions
    • Ulster Federation of Credit Unions
    • Co-operative Alternatives
    • Co-operatives UK

    Related to Credit Unions and Societies

    Most recent publications

    • Registry of Credit Unions and Industrial and Provident Societies Annual Report 2014-15

      Published 10 May 2016
    • Registry of Credit Unions and Industrial Provident Societies annual report 2013/2014

      Published 19 May 2015
    See all publications in this topic

    Most recent consultations

    • The Credit Union (Modernisation and Reform) Public Consultation

      Published 17 April 2025 Closes 10 July 2025
    • Proposals for a Credit Unions and Industrial and Provident Societies Bill

      Published 3 June 2013 Consultation closed
    See all consultations in this topic

    Most recent news items

    • Economy Minister launches consultation on the future of credit unions

      Published 17 April 2025
    • Murphy backs credit union growth

      Published 19 March 2024
    See all news in this topic

    Access to information

    How to request information from the Department for the Economy including Freedom of Information (FOI) and the use of our Publication Scheme.

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