Governance

The Board of the Manx Credit Union has primary legal responsibility for governance, with the aim of ensuring that the credit union is managed and operated in accordance with its Rules and applicable legislation.  The basis of good governance is to protect and develop the credit union on behalf of its members and stakeholders.

The Manx Credit Union follows a "good practice" code of governance developed for credit unions that includes:

  • compliance and continuity
  • integrity and accountability
  • skills and ability
  • structure and principles of good governance

The Board will review and self-assess the credit union's performance against these criteria on an ongoing basis.  In addition to this self-assessment process, the Board has appointed an independent Supervisor to undertake financial and compliance monitoring of the credit union's activities.
The Manx Credit Union is regulated by the Financial Services Authority.