1st October 2012
Savers with Tamworth 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 Tamworth Credit Union Limited, which was declared in default on 21 September 2012, 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 just over £130,000.00 in compensation to members of the credit union.