FSCS to Compensate 2,360 Members of Birmingham Inner Circle Community Credit Union Limited

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Birmingham Inner Circle Community Credit Union Limited, which has stopped trading and is now in default.

FSCS will compensate most of the 2,360 members within seven days. Using the Credit Union's records FSCS will send members with balances below £500 a letter to allow them to get cash at any Post Office branch, while members with balances over £500 will receive a cheque automatically. FSCS expects the total compensation for Birmingham Inner Circle Community Credit Union Limited to be around £1,368387.

Where contact details are missing for members who still have money in their Birmingham Inner Circle Community Credit Union account FSCS will not be able to issue cheques to these members immediately.

Anyone who believes they still have money in an account with the Credit Union but has not received a compensation cheque from FSCS within seven days should contact the Joint Administrators, Dina Devalia & James Varney of Quantuma Advisory Limited.

Emma Barrow, Head of Communications at FSCS, said:"Members of Birmingham Inner Circle Community Credit Union Limited can rest assured that their money is safe. Members who have not already closed their accounts do not need to do anything – they will either receive a letter to take to the Post Office to get their money or a cheque directly from us within a week. FSCS protects people's savings up to £85,000 per person and we are ready to help those who have been affected get back on track as quickly as possible."