Greater Milton and Possilpark Credit Union Ltd has failed

12th March 2019

The Financial Services Compensation Scheme (FSCS) has announced the failure of Glasgow-based Greater Milton and Possilpark Credit Union Limited, which was declared in default on 12 March, 2019. This means the credit union can’t pay money to its 4,212 members. FSCS is stepping in to protect customers and we expect to pay a total of £3.4 million to all customers within seven days of the failure being declared. We’ll send payments to members automatically, using the credit union’s records.

 

Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said: “Everyone wants to know their money is safe, but they might not know about the safeguards that are in place. FSCS is here to protect members of Greater Milton and Possilpark Credit Union Ltd and help them back on track. Their savings are protected up to £85,000, and joint accounts are covered for £170,000. Our aim is for the vast majority of customers to get their money back within seven days.”

 

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. Greater Milton and Possilpark Credit Union customers can find further information here.

 

For any queries please speak to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited who are the Administrators of Greater Milton and Possilpark Credit Union Limited. You can call them on 0141 347 0671 or 0141 432 1266 or email: gmpcul@geoffreymartin.co.uk