Speedy FSCS payout to members of Gallowhill Credit Union Limited

15th September 2011

Savers with Gallowhill 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 Gallowhill Credit Union Limited, which was declared in default on 6 September 2011, compensation was paid in respect of the majority of claims within three days. Where possible, the FSCS expects to pay the remaining claims within 20 working days.

The FSCS has paid out a little over £113,300 in compensation to members of the credit union.
 

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.