The Government is proposing to revise and put in place new policies to enhance the governance and management of credit co-operatives (“credit co-ops”). This is part of the ongoing process by the Government to strengthen regulatory oversight of the sector so as to better protect members’ interests and uphold public confidence in credit co-ops.
Following our engagement session with the credit co-operatives on 10 December 2014, the proposed changes were open to views/suggestions from the credit co-ops, co-op members and the public from 22 December 2014 to 2 February 2015.
We would like to thank all the respondents for their comments during the public consultation from 22 December 2014 to 2 February 2015.
The chairmen and officers of the credit co-operatives were invited to attend a closed-door sharing session on 17 November 2015, where we provided an interim update on the proposed policies. We appreciate their attendance and feedback shared. We will provide further updates to the credit co-operatives in due course. Thank you.