FSCS pays thousands of Cornwall and Isles of Scilly Credit Union members
22nd February 2013
Payments in the post
Payments are on the way to thousands of Cornwall and Isles of Scilly Credit Union members, the Financial Services Compensation Scheme (FSCS) says. These payments are in the post to over 2,000 people today (22 February 2013).
The news comes only a few days after the credit union ceased trading. It makes good on the FSCS promise to pay back members within a week. Credit union records show more than 2,100 members of the Cornwall and Isles of Scilly Credit Union were due compensation for their deposits held with the credit union.
FSCS Director of Operations, Kate Bartlett, says: “FSCS protects people when authorised financial services firms go bust. So I’m pleased to confirm FSCS payments are on the way to members of the Cornwall and Isles of Scilly Credit Union. It is good news for their members. Your payment is in the post.”
Credit union Records show members of the credit union had just over £569,000 on deposit. People with less than a thousand pounds will receive a letter to get cash over the counter at their Post Office. Anyone with more than this will receive a cheque.
FSCS protects savings up to £85,000, which covers about 98% of people. Since 2001, FSCS has protected more than 4.5m people and paid out more than £26bn. You can find more information about FSCS protection for deposits at www.fscs.org.uk/protected/