Speedy FSCS payout to members of Lee Bank / Highgate Credit Union
22nd July 2011
Savers with Lee Bank / Highgate 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 Lee Bank / Highgate Credit Union, which was declared in default on 8 July 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 approximately £68,000 in compensation to members of the credit union.