The McDowell group considered that all financial service providers should, in principle, be dealt with by a single regulatory authority and that a compelling case would have to be made for the exclusion of any provider from its remit. In regard to the credit unions, the group recommended that the approach which would best address the unique characteristics of the credit union movement would be to have the existing functions of the Registrar of Friendly Societies, in relation to credit unions, brought into the single regulatory authority. The group considered that this should be done in a manner that would recognise and be supportive of the uniqueness of credit unions and also give comfort that their voluntary character would not be threatened by the establishment of a single regulatory authority, while still addressing the appropriate regulatory and consumer protection requirements that arise.