Date lodged: 29 March 2019
To ask the Scottish Government what assistance it provides to credit unions that experience difficulties with protected trust deeds.
Answered by: Jamie Hepburn 18 April 2019
Accountant in Bankruptcy (AiB), the Scottish Government Agency with responsibility for the supervision of Protected Trust Deeds (PTDs), engages regularly with stakeholders and credit unions are represented through the Association of British Credit Unions Ltd at separate stakeholder groups. This includes the PTD Standing Committee that meets quarterly and provides the forum for stakeholders to highlight and discuss concerns about the operation of PTDs and difficulties that have arisen.
AiB is carrying out a policy review of PTDs and is currently consulting on proposed reforms aimed at improving the operation of this debt solution. This consultation has been discussed in detail at the Standing Committee and the feedback received through this group has helped identify the issues for review and shape the consultation. Stakeholders, including credit unions, are encouraged to respond to the consultation and their views will be considered along with other feedback to determine what changes will be taken forward.