North Airdrie Credit Union Ltd fails
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of North Airdrie Credit Union Ltd, which has stopped trading and is now in default.
FSCS will compensate the vast majority of the 1,494 members of the North Lanarkshire credit union within seven days. Using North Airdrie Credit Union Ltd’s records, FSCS will send payments to them automatically.
People 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 more than this will receive a cheque for their balance direct from FSCS.
FSCS expects the total payout for North Airdrie Credit Union Ltd to be just under £480,000.
Caroline Rainbird, Chief Executive of FSCS, said:
“FSCS is here to protect the members of North Airdrie Credit Union Ltd. They need to know that their money is safe as safeguards are in place and we are ready to help them to get back on track.
“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.”
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 Compensation limits page.
Queries about North Airdrie Credit Union Ltd can be directed to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd, which has been appointed as administrator.
The administrator can be contacted by telephone in the first instance on 01786 450928 or on 0113 244 5141; e-mail email@example.com. The postal address is North Airdrie Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, Third Floor, One Park Row, Leeds, LS1 5HN.
T: 020 7375 8646
T: 020 7375 8631
T: 020 7375 8638
Notes to editors
Read more about the remit of FSCS on our Notes for editors page.