1st May 2015
The Financial Services Compensation Scheme is monitoring the situation with Enterprise The Business Credit Union. It applied to the High Court today to appoint administrators.
FSCS is ready to protect members if the credit union enters administration. This would trigger the compensation scheme.
FSCS aims to pay people back within seven days if their bank, building society or credit union fails. It protects up to £85,000 of peoples’ money. And the process is automatic; people do not need to apply for compensation. FSCS sends them their money back up to the limit.
Enterprise The Business is based in Bournemouth. The trading name of the credit union was DotComUnity Credit Union.