The Financial Services Authority (FSA) is being urged to investigate the Orange Order after a BBC programme revealed it was involved in setting up financial firms to purchase land and property to stop it from being sold to Catholics.

SDLP MLA for East Derry John Dallat described the disclosures on the 'Spotlight' programme as "shocking".

Mr Dallat said: "It was openly admitted by Drew Nelson that the Orange Order has been actively involved in raising money to prevent land and property owned by Protestant families falling into the hands of Catholics. This is a serious issue which must attract the attention of the Financial Services Authority (FSA) which since 2010 has a statutory responsibility to oversee organisations operating as financial institutions.

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"It is shocking to learn that the Orange Order is now operating on a large scale to distort the land and property market in a sectarian manner.

"This organisation has attracted millions of pounds of money from various sources to improve its image and better inform the public of its 'non-sectarian' activities as a religious and cultural organisation. Now we learn that it has been up to the neck in raising millions of pounds to prevent an open and free market place for the sale of land and property.

"This campaign is not confined to the border areas but operates across the North where there have been substantial sums of money drawn down from 'investors' who are largely business people who service the whole community."

(CD/IT)