Red letter day for Manx credit union

Milestone reached as credit union receives FSA approval

A key milestone's been reached in the project to set up the Isle of Man's first credit union.

The community loans and savings society has won the approval of the regulator, the Financial Services Authority. 

Now incorporated on the Manx registry, Manx Credit Union Ltd will soon open for business in North Quay in Douglas - offering members a savings scheme and low-cost borrowing facilities. 

The idea was first floated three years ago by a volunteer group, who began by asking whether there was any public demand - and have since forced changes to legislation.

Credit Union working party chairman David Talbot says the idea is to help people who would struggle to pay bank loans or credit cards.