Fast FSCS payout to members of Southend Credit Union

23rd May 2011

Savers with Southend 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 Southend Credit Union, compensation has now been paid in respect of the majority of claims within seven days, and the FSCS expects to pay the remaining claims within 20 working days.

The FSCS has paid out just under £153,000 in compensation to members of the credit union.