1st July 2011
Savers with Worcestershire Credit Union Limited 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 Worcestershire Credit Union Limited, 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 £92,000 in compensation to members of the credit union.