Solent Credit Union in default: FSCS to protect 2,146 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Solent Credit Union Ltd, trading as Solent Community Bank, which has stopped trading and is now in default.
FSCS will compensate the vast majority of the 2,146 members of the Southampton-based credit union within seven days. Using Solent Credit Union Ltd’s records, FSCS will send payments to them automatically.
Members with up to £1,000 in their account will receive a letter to get the cash over the counter at their local Post Office. Those with a balance of more than £1,000 will receive a cheque for their balance direct from FSCS.
FSCS expects the total payout for Solent Credit Union Ltd to be just under £480,000.
Caroline Rainbird, Chief Executive of FSCS, said:
'FSCS is here to protect the members of Solent Credit Union Ltd and we are ready to help. No one needs to worry or to do anything as your money is safe and you should receive it within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.'
FSCS has come to the aid of more than 5.5m people since 2001, paying out over £27bn in compensation when authorised financial firms fail.
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 Solent Credit Union Ltd can be directed to the Joint Administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited.
The Joint Administrators can be contacted by telephone in the first instance on 023 8000 2018 or 023 8098 7644. The postal address is Solent Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN, and the email address is email@example.com.
T: 020 7375 8631
T: 020 7375 8646
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.