Compensation for members

FSCS steps in as Faifley Credit Union defaults

Money - own pic

Members will be compensated

Faifley Credit Union in Clydebank ceased trading yesterday and is now in default.

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members all 95 members who will be compensated within seven days, using its records.

Each member will receive a cheque for their balance direct from FSCS which expects the total payout to be just under £106,000.

Caroline Rainbird, chief executive of FSCS, said: “FSCS is here to protect the members of Faifley Credit Union Ltd and to help them get back on track.

“We want to reassure them that their money is safe. No one needs to worry or to do anything as they should receive their money within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.” 

Queries about Faifley Credit Union can be directed to the joint administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co.

* See Compensation limits page on the FSCS website for more information on how FSCS helps people with current or savings accounts in credit unions, banks and building societies.

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