Braniel Credit Union Ltd declared in default; FSCS to protect 238 members

The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Braniel Credit Union in South-East Belfast, which has stopped trading and is now in default.

FSCS will compensate within seven days the vast majority of the credit union’s 238 members. Using Braniel Credit Union’s records, FSCS will send payments out automatically.

Members with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with a balance of more than £1,000 will receive a cheque for their balance direct from FSCS.

FSCS protects up to £85,000 of savings – double that for joint accounts – and has come to the aid of more than 4.5m people since 2001, paying out over £26bn in compensation.

FSCS expects the total payout for Braniel Credit Union to be just over £239,000.

 

Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said:

“FSCS is protecting the members of Braniel Credit Union Ltd and helping them to get back on track. Our aim is for the vast majority of its customers to get their money back within seven days.

“Everyone needs to know that their money is safe and about the safeguards that are in place. Their savings are protected up to £85,000, and joint accounts are covered for £170,000.  

“Recently we increased our limits for the wide range of products and services we cover. As well as for claims against a credit union, bank or building society, customers can now be assured that if they lose money as a result of the failure of an authorised financial services firm such as their investment or mortgage adviser, or debt management provider, that FSCS provides a higher level of protection up to £85,000 per person.”

 

For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, please visit FSCS’s website and see our deposit limits page.

 

Queries about Braniel Credit Union can be directed to Joan Rice of Harbinson Mulholland, who have been appointed as liquidator. The liquidator can be contacted by telephone in the first instance on 028 9044 5100.

 

The postal address for the joint administrators is Braniel Credit Union Ltd c/o Harbinson Mulholland, Centrepoint, 24 Ormeau Avenue, Belfast BT2 8HS, and the email address is info@harbinson-mulholland.com

 

Media enquiries

James Tweed - T: 020 7375 8646

Anthony Ozimic - T: 020 7375 8638

Catherine Goodier - T: 020 7375 8631

E: publicrelations@fscs.org.uk 

 

Notes for editors

For more information on deposits protection, please visit FSCS’s website’s questions and answers page.

Braniel Credit Union Ltd was declared in default on Monday 10 June 2019 and has 238 members.

For more information about the remit of FSCS, visit our Notes for editors page.