21st August 2015
FSCS protects over 700 members of Rowallane Credit Union.
The Financial Services Compensation Scheme (FSCS) is stepping in to protect members of Rowallane Credit Union (“Rowallane CU”) which went into liquidation and ceased trading on 19 August 2015. The credit union is based in Belfast and has over 700 members with some £1.4m in savings.
The Scheme says that the overwhelming majority of savers will get their money back within seven days.
And people will not need to lift a finger to get their savings back. FSCS will automatically send payments to members of the credit union using credit union records.
People with up to a thousand pounds will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque, direct from FSCS.
FSCS protects up to £85,000 of savings or £170,000 for joint accounts. It has come to the aid of more than 4.5m people since 2001 while paying out over £26bn in compensation.
Mark Oakes, Head of Communications for FSCS, says help is on the way. “FSCS is protecting Rowallane Credit Union members. We’re here for you and we’re ready to help. Your savings are protected up to £85,000, and we’ll get them back to you within the next week. The process is automatic so you won’t have to apply for compensation.”
FSCS is funded by financial services firms through a compulsory annual levy. The Scheme protects deposits, insurance and investments when authorised firms cease trading. It has the most wide ranging protection of any scheme in the world. For more information visit our Q&As for deposits.