Pioneer Mutual Credit Union Ltd in Glasgow declared in default: FSCS to protect its 3,500 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Pioneer Mutual Credit Union Ltd, which has stopped trading and is now in default.
FSCS will compensate the 3,500 members of the credit union, which is in Barrhead, Glasgow, East Renfrewshire, within seven days. Using Pioneer Mutual Credit Union Ltd’s records, FSCS will automatically send each member a cheque for their balance.
FSCS expects the total payout for Pioneer Mutual Credit Union Ltd to be around £3.3m.
Caroline Rainbird, Chief Executive of FSCS, said:
“FSCS is here to protect the members of Pioneer Mutual Credit Union Ltd and help them get back on track. We want to reassure them that their money is safe. No one needs to worry or 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 visit the FSCS website and see our Compensation limits page.
Queries about Pioneer Mutual 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 0141 432 1250 or 0141 881 1353 or alternatively on 0113 244 5141; e-mail firstname.lastname@example.org. The postal address is Pioneer Mutual Credit Union Ltd c/o PKF Geoffrey Martin & Co Ltd, Third Floor, One Park Row, Leeds LS1 5HN.
The Pioneer Mutual Credit Union Ltd is not related to the Pioneer Credit Union Ltd in Middlesbrough.
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.