Millom & District Credit Union update

21st May 2013

Payments made to Millom & District Credit Union members

Payments have now been made to members of Millom & District Credit Union, the Financial Services Compensation Scheme (FSCS) says. These payments have now been made to some 530 members. The payments were in the post only days after the credit union ceased trading (15 May 2013). It makes good on the FSCS promise to pay back members within a week. Credit union records show nearly 530 members of Millom and District 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 have now been made to members of the Millom & District Credit Union. It is good news for their members."

Credit union records show members of the credit union had around £235,000 on deposit. People with less than a thousand pounds received a letter to get cash over the counter at their Post Office. Anyone with more than this received 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/