Faifley Credit Union Ltd of Clydebank declared in default: FSCS to protect 95 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Faifley Credit Union Ltd, which ceased trading on Monday 23 November and is now in default.
All 95 members of the credit union, which is in Clydebank, West Dunbartonshire, will be compensated by FSCS within seven days, using its records. Each member will receive in the post a cheque for their balance direct from FSCS.
FSCS expects that the total payout for Faifley Credit Union Ltd will be just under £106,000.
Caroline Rainbird, Chief Executive of FSCS, said:
“FSCS is here to protect the members of Faifley Credit Union Ltd and to help them get back on track. We want to reassure them that their money is safe. 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 credit unions, banks and building societies, please see our Compensation limits page on the FSCS website.
Queries about Faifley Credit Union Ltd can be directed to the joint administrators, Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd.
The administrator can be contacted by telephone in the first instance on 0141 432 1128 or alternatively on 0113 244 5141; or e-mail firstname.lastname@example.org. The postal address is Faifley Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds LS1 5HN.
James Tweed T: 020 7375 8646
Anthony Ozimic T: 020 7375 8638
Notes for editors
Read more about the remit of FSCS on our Notes for editors page.