Polish Credit Union (UK) Limited has failed

30th July 2018

The Financial Services Compensation Scheme (FSCS) has announced the failure of Polish Credit Union (UK) Limited, which was declared in default on Monday 30 July 2018. This means the credit union cannot repay money to its 600 members.

FSCS has stepped in to protect customers and return money to the vast majority of members within seven days. Using the credit union’s records, FSCS sent payments totalling over £300,000 to nearly all 600 customers in less than 48 hours of the failure being declared.

How will FSCS return money to customers of Polish Credit Union (UK) Limited?

Customers with up to £1,000 in their account will receive a letter from FSCS to get cash over the counter at their local Post Office. FSCS will send customers with more than £1,000 a cheque in the post for their balance.

FSCS protects up to £85,000 of money in UK authorised banks, building societies and credit unions. If you have a joint account, your money is protected up to £170,000. Since 2001 FSCS has come to the aid of more than 4.5m people, paying out over £26bn in compensation. 

Alex Kuczynski, Director of Corporate Affairs at FSCS, said: “FSCS is here to protect members of Polish Credit Union (UK) Limited. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within seven days. The process is automatic too, so you won’t have to apply for compensation.”

Who can customers of Polish Credit Union (UK) Limited contact for help?

Any queries about Polish Credit Union (UK) Limited can be directed to Dean Watson and Paul Stanley of Begbies Traynor who have been appointed as joint administrators.

You can contact the joint administrators by telephone 020 8840 3423/0161 837 1700 or email PolishCU@begbies-traynor.com

Jeśli jesteś klientem Polskiej Unii Kredytowej (UK) i potrzebujesz pomocy po polsku zadzwoń na numer 020 8840 3423/0161 837 1700, lub wyślij email do PolishCU@begbies-traynor.com

Find out more about how FSCS protects customers with current or savings accounts in banks, building societies and credit unions.