Credit Unions Division - Supervisory Framework
The Credit Unions Division of the Financial Services Commission (FSC), which has responsibility for regulation of the Credit Union Sector, was established with the formation of the FSC on April 1, 2011. In addition to the Financial Services Commission Act 2010-21, the Division derives its authority from the Co-operative Societies Act Cap, 378A and the Co-operative Societies Regulation 2008. The mandate of the Division includes: market surveillance and regulation supervision; market research; and the facilitation of industry specific educational opportunities and consultations.
The Division acts to support the FSC’s overall mission of fostering an enabling environment which bolsters investor and member confidence and encourages judicious risk management to underpin a safe and sound financial system.
The Legislation listed hereunder provides the legislative framework for the supervision and regulation of the credit union sector.