Fast FSCS payout to members of Ilfracombe and District Credit Union

7th April 2011

Savers with the Ilfracombe and District Credit Union have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.

The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Ilfracombe and District Credit Union, compensation has now been sent to most members (123) well within seven days, and the FSCS expects to pay the remaining members within 20 working days.

The FSCS has paid out just over £76,000 in compensation to members of the credit union.