Riya Mala 
[Photo Credit: Parliament of Fiji]
The Fiji Police Credit Union has expressed concerns about parts of the Credit Union Act of 1954, which is currently under review.
Although the FPCU supports the review process, it is requesting more clarity on key governance and legal aspects of the draft bill.
While making their submission to the Standing Committee on Economic Affairs, Manager Luke Narera says that they support the bill’s intention to modernise credit union operations, integrating new technology to improve efficiency and allowing greater flexibility in setting interest rates.
Despite welcoming the review, the FPCU raised concerns about certain aspects of the bill, specifically calling for clarification on membership provisions, AGM outcomes, and day-to-day operations.
“FPCU is concerned with the process of the bill, especially covering membership, AGM resolutions, the outcome of the AGM, and also the day-to-day operations. In some years, we have identified a dilution of the board’s power and an increase in RBF authority.FPCU acknowledges some of these changes but has reservations due to differing interpretations.”
Narera emphasised that a major concern is the shift of authority from credit union boards to the Reserve Bank of Fiji, which could weaken board decision-making and affect the member-focused structure of credit unions.
In response, Standing Committee on Economic Affairs Deputy Chair Premila Kumar said the RBF is there to protect members.
She noted that in the past, some credit unions have manipulated the system and siphoned off members’ funds.
The Fiji Police Credit Union is calling for a careful review of the bill to ensure that it includes stronger and more supportive provisions for credit unions.
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