9th July 2018
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Shiremoor and District Credit Union Limited based in Tyne & Wear. The credit union was declared no longer trading (in default) on 9 July 2018. The vast majority of Shiremoor’s former members consented to have their money transferred to Moneywise Credit Union Limited and FSCS is protecting a small number of members who made the decision not to transfer.
FSCS protects customer of UK banks, building societies and credit unions from £1 up to £85,000. For joint accounts the level of protection doubles to £170,000. Find out more about how FSCS protects money in UK savings and current accounts.