Credit Union Training receives approval from Financial Regulator
Credit Union Training
receives approval from
Credit union personnel will now have approved credit union specific training available to them following the approval by the Financial Regulator of the Advanced Certificate in Credit Union Practice (ACCUP). The recognition of this course will mean that credit union personnel will now meet their regulatory requirements through the ACCUP programme.
At a ceremony today to mark the announcement, Mr. Mark Bailey, President of the Irish League of Credit Unions said:
“We are delighted that the Financial Regulator has taken the significant step to approve this training programme. It is gratifying that credit union personnel have Regulator approval for their own course. This progressive step alleviates the need for the use of external courses which have not been designed for credit unions and do not match their needs”.
Developed by the Irish League of Credit Unions, ACCUP is the only accredited training programme which is fully developed for credit unions. The course, which is run in conjunction with the University of Ulster, is composed entirely of credit union specific modules covering the fundamentals of credit union operations, such as lending, legislation, insurance services and member care. The course is competency based which means that each person taking the course must demonstrate their ability to perform on the job.
According to Adrian O’Brien, Deputy Head of the Financial Regulator’s Consumer Protection Department:
"We welcome this initiative which is a very positive development for the movement and will contribute to further enhancing standards in the sector.”
Mr. Bailey concluded:
“This announcement is a very positive step for the 13,500 volunteers and staff currently providing services to members. Training has long been a cornerstone of the development of the credit union movement in Ireland. This announcement will help credit unions to maintain and build upon the high standards of commitment, care and service provided to members”.
Note to Editors:
In 2006 the Financial Regulator introduced Minimum Competency Requirements for organisations in the financial services sector. This compelled credit unions, who act as insurance intermediaries, to undertake a recognised minimum qualification predominantly aimed at the general financial services sector. Such programmes do not cover the core services and operations of credit unions and therefore do not adequately meet the needs of their personnel.