FSCS steps in to help members of SPA Credit Union Limited

19th February 2016

The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Cheltenham based, SPA Credit Union Limited (SPA). The credit union has stopped trading and was declared in default on 18 February 2016. A default declaration means FSCS is satisfied that SPA cannot repay deposits to its members.

FSCS protects up to £75,000 of savings in a credit union account, or £150,000 for joint accounts. We have come to the aid of more than 4.5m people since 2001 while paying out over £26bn in compensation.

Mark Oakes, Head of Communications, said: “FSCS is protecting SPA Credit Union Limited members. We’re here for you and are ready to help. If you have up to £75,000 of savings (£150,000 for joint accounts), it’s good to know that your money is safe.”

Members with any queries can contact FSCS’s Customer Services Team on 0800 678 1100, 020 7741 4100 or by email: enquiries@fscs.org.uk

 

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • Deposits

    money placed in a bank or similar institution to earn interest or for safe-keeping.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.