FSCS steps in
3,500 members of failed credit union due payouts
Compensation on way
Members of a failed Scottish credit union will share £3.3 million in compensation from the Financial Services Compensation Scheme (FSCS).
The FSCS has stepped in to protect the members of the East Renfrewshire based Pioneer Mutual Credit Union which has stopped trading and is now in default.
FSCS said the 3,500 members can expect a cheque within seven days.
Caroline Rainbird, chief executive of FSCS, said: “FSCS is here to protect the members of Pioneer Mutual Credit Union Ltd and help them get back on track.
“We want to reassure them that their money is safe. No one needs to worry or 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 Pioneer Mutual Credit Union can be directed to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co, which has been appointed as administrator.
The administrator can be contacted by telephone in the first instance on 0141 432 1250 or 0141 881 1353 or alternatively on 0113 244 5141; e-mail firstname.lastname@example.org. The postal address is Pioneer Mutual Credit Union Ltd c/o PKF Geoffrey Martin & Co Ltd, Third Floor, One Park Row, Leeds LS1 5HN.
The Pioneer Mutual Credit Union Ltd is not related to the Pioneer Credit Union Ltd in Middlesbrough.