FSCS compensates most members of Havant Area Savers Credit Union within new seven day target
14th January 2011
Most members of Havant Area Savers Credit Union have been sent their compensation by the Financial Services Compensation Scheme (FSCS). The credit union was declared in default last Thursday and we started making payments on Monday.
The FSCS worked with the credit union to get the information it needed about depositors, and sent out letters to most members on Monday enclosing either a cheque or a letter enabling them to collect their cash over the counter at their local Post Office.
Havant Area Savers Credit Union had 265 members with 257 active accounts. The FSCS sent payments to the holders of 93% of accounts on Monday – day five, and expects to pay the remaining members of the credit union by the end of this week. The FSCS is aware that some members of the credit union are no longer residing at their last known address so payments cannot be made to them at the present time.