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Our specialist legal team are on hand to assist with all forms of regulated activity including Credit Unions and the Isle of Man

We provide specialist legal and regulatory services to Credit Unions, and those wanting to benefit from their services, in the Isle of Man.

An entity incorporated as a credit union under The Credit Unions Act 1993 to operate a credit union in the Isle of Man is required to hold a Class 9 licence under The Regulated Activities Order 2011 (amended to 2019).

The Act no longer contains a formal definition of ‘credit union’ but this is commonly understood to mean a non-profit-making money cooperative whose members can borrow from pooled deposits at low interest rates.

Class 9 | Regulated Activity

Holders of licences to conduct Class 9 regulated activity are not currently subject to the Financial Services Rule Book but are instead subject to standard licence conditions. A licence-holder must comply with any licence conditions that have been imposed by the Authority and which are shown on the licence.

A holder of a Class 9 licence is not expected to hold a licence under any other Class.

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If you need to talk to someone around Credit Unions and the Isle of Man, then take the first step. You can email [email protected] or call us on 01624 639350 to arrange your free consultation with us today.

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Always professional, providing an exceptional level of service to our clients

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We believe being professional is about us giving our best at all times

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Manavia Limited, MannBenham Advocates and Advisory solutions are truly global

MannBenham Group’s global reach combines Isle of Man excellence with cross-jurisdictional expertise creating a complete integrated approach

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We pride ourselves on the wealth of our experience and knowledge

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MannBenham Advocates | 49 Victoria Street, Douglas, Isle of Man, IM1 2LD | Email: [email protected] | Telephone: +44 (0)1624 639350