No. It is prudent for consumers to be afforded the opportunity to seek independent advice, but it should be at their discretion, for a number of reasons. Credit Unions are permitted under schedule 2 of SI 1 of 2016 to provide “Financial Counselling” free of charge as mandated for by Section 48 of Credit Union Act 1997 as amended.
The Minimum Competency Code 2017 and associated regulations came into effect on 3 January 2018. With effect from 1 October 2024, the MCC 2017 and MCR 2017 will apply to all in-scope activities for credit unions. The MCC 2017 applies to persons in credit unions when undertaking specific activities relating to retail financial product(s), rather than to the titles or roles held by these persons.
As outlined by the Central Bank, “These regulatory changes are being introduced with a view to ensuring that credit union members are afforded the same level of protection as consumers availing of similar products and services from other regulated entities.”