6 Towns Credit Union Limited declared in default: FSCS to protect its 7,416 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of 6 Towns Credit Union Limited, which has stopped trading and is now in default.
FSCS will compensate the 7,416 members, most will receive payment within seven days. Using the Credit Union’s records FSCS will send members with balances below £250 a letter to allow them to get cash at any Post Office branch, while members with balances over £250 will receive a cheque automatically. FSCS expects the total compensation for 6 Towns Credit Union Limited to be around £1.04 million.
Where contact details are missing for members who still have money in their 6 Towns Credit Union account FSCS will not be able to issue cheques to these members immediately.
Anyone who believes they still have money in an account with the Credit Union but has not received a compensation cheque from FSCS within seven days should contact the Joint Administrators James Sleight & Peter Hart, PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN.
Lila Pleban, Chief Communications Officer at FSCS, said: “We want to reassure any remaining members of 6 Towns Credit Union Limited that their money is safe. Most members who have not already closed their accounts will receive their money by cheque directly from us within a few days.
FSCS protects people’s savings up to £85,000 and we are ready to help members who have been affected get back on track as soon as possible. If you have not received compensation for your remaining balance within the next seven days please get in touch with the Joint Administrators.”
For more information on how FSCS can protect people with current or savings accounts in credit unions, banks and building societies, please visit the FSCS website and our ‘what we cover’ page.
Any questions about 6 Towns Credit Union Limited contact the Joint Administrators James Sleight & Peter Hart, PKF Geoffrey Martin & Co Limited at Oldbury Council House, Freeth Street, Oldbury, B69 3DB.
Additional drop-in locations for limited hours at Glebefields Library, St Mark’s Road, Glebefields Estate, Tipton, DY4 0SZ and Wednesbury Community Hub, Union Street, Wednesbury, WS10 7HD.
For opening hours please visit 6 Towns Credit Union Limited’s website at sixtowns.co.uk for full details. Constituents can also contact the Administrators’ team directly on: 0121 369 1410 or 0121 553 3110, or alternatively call 0113 244 5141 or e-mail 6TCU@pkfgm.co.uk
T: 07730 668 558