FSCS to Compensate 463 Members of Rainbow Saver Anglia Credit Union Limited

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the remaining members of Rainbow Saver Anglia Credit Union Limited, which has stopped trading and is now in default.

As part of a controlled closure, Rainbow Saver Anglia Credit Union Limited has already contacted most of its members who have withdrawn their remaining balances.

FSCS will protect the remaining 463 members who have not arranged the withdrawal of their money by 18th May 2022. FSCS expects the total compensation for Rainbow Saver Anglia Credit Union Limited to be around £179,000.

Using the credit union's records FSCS will send as many remaining members as possible a cheque for their balance automatically. Where members can be contacted directly, FSCS expects to return their balances within a week.

Sarah Marin, Chief Customer Officer at FSCS, said: "We want to reassure any remaining members of Rainbow Saver Anglia Credit Union Limited that their money is safe. Most members who have not already closed their accounts will receive their money by cheque directly from us within a few days."

"FSCS protects people's savings up to £85,000 and we are ready to help members who have been affected get back on track as soon as possible. If you have not received compensation for your remaining balance within the next seven days please get in touch with the Joint Administrators."