Waltham Forest Council Employee Credit Union Limited, trading as Forest Savers, declared in default: FSCS to protect its 675 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Waltham Forest Council Employee Credit Union Limited (WFCECU), trading as Forest Savers, which has stopped trading and is now in default.
FSCS will compensate most of the 675 members by cheque within seven working days. FSCS expects the total compensation for the credit union to be just over £1m.
Where contact details are missing for members who still have money in their 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 by Friday, 29th August should contact the Joint Administrators, Dina Devalia and Terri Mulgrew at Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG.
Matthew Phillips, Head of Deposits at FSCS said:
“Members of Waltham Forest Council Employee Credit Union Limited can be assured that their money is safe.
“FSCS protects people’s savings up to £85,000 and we are ready to help them get back on track as soon as possible.
“Members of the credit union do not have to do anything as most will receive their money directly by cheque from us within a few days.”
A dedicated page on the FSCS website includes questions and answers, which may be useful for members of Waltham Forest Council Employee Credit Union Limited.
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.
For any further questions about Waltham Forest Council Employee Credit Union Limited, trading as Forest Savers please contact the Joint Administrators, Dina Devalia and Terri Mulgrew at Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG or call 0203 856 6720.
Contact information
Maria Goodall: maria.goodall@fscs.org.uk