Pioneer Mutual Credit Union Ltd

Failed 03 March 2021

FRN: 213761

You don't need to do anything

Pioneer Mutual Credit Union Ltd, in Barrhead, Glasgow, has failed.

As a Pioneer Mutual Credit Union customer, you don't need to worry, as your money is safe. 

FSCS will automatically pay back your money, according to the account details we receive from the credit union. We'll contact you by post.

There are more details below, and answers to commonly asked questions on the Q&A tab.

11/3/21 - We have resolved the issue for the small proportion of affected members who could not cash their payments. New cheques were re-issued via first class post yesterday.

9/3/21 - We’re aware that a small number of Pioneer Mutual’s members have had problems cashing their cheques – our payments team are currently investigating.

Determination papers (pdf 0.1MB)

In most cases, FSCS aims to make a payment within seven days of the default date, on 3 March 2021. For more complex cases, which may need further investigation, we'll aim to settle claims within 10 working days of being notified.

Pioneer Mutual Credit Union Ltd will send us the details of your individual credit balance. We will send you a cheque in an unmarked envelope.

The amount you receive will be the balance on your account at the date we declared the credit union in default, on 3 March 2021.

If you disagree with the amount paid by FSCS, please contact the administrators, Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd on 0141 432 1250 or 0141 881 1353 or alternatively on 0113 244 5141. Alternatively, email and they'll look into your query.

Do not return your payment to us unless you're specifically asked to do so.

To bank the cheque you'll need to open an account with another bank, building society or the Post Office, and you should bank the cheque as soon as possible.

If your salary or benefits are paid into your account at the credit union you'll need to open a new account elsewhere – and tell your employer or the Department for Work and Pensions. 

PKF Geoffrey Martin & Co Ltd

If you have any issues or queries regarding the failure of the credit union, contact the administrators on the details below.