17th October 2007
The Financial Services Compensation Scheme (FSCS) has been informed by the Financial Services Authority (FSA) that Streetcred Credit Union closed its doors on 16th October 2007.
The FSCS may be able to help members of the credit union who are owed money, and will be writing to members shortly. The FSCS will also be writing to members of the credit union who have outstanding loans.
The FSCS was set up under the Financial Services and Markets Act 2000. It provides a fund of last resort for consumers who have claims against regulated firms that are unable to pay them (described by the FSCS as being "in default"). Before the FSCS is able to process claims from Streetcred credit union, we will need to declare the credit union in default.
What to do if you think you have a claim
If you are listed as a member of this credit union, you should receive an application for compensation from the FSCS.
If you need help to complete the application form, please call our Customer Services Team on 020 7892 7300.
What can FSCS do to help members of Streetcred Credit Union?
The FSCS can pay compensation for financial loss of up to £35,000 for deposit claims (made up of 100% of the first £35,000) if a deposit-taking firm (such as a credit union) is unable to pay back money it owes to its members. To claim compensation from us members of the credit union will need to complete and return the application form that will be sent to them.
If any members of this credit union are suffering immediate financial hardship we will try to prioritise their claim.
Because of the potential financial hardship being faced by members of this credit union, FSCS will fast-track its default investigations so that it can deal with claims for compensation quickly.