UK FSCS to Compensate 1,820 Members of Strathkelvin Credit Union

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

FSCS aims to compensate the 1,820 members of the credit union, which is in Kirkintilloch, Glasgow, within seven days. Using the credit union's records, FSCS will send each member a cheque for their balance automatically.

FSCS expects the total compensation for Strathkelvin Credit Union to be around £1.96m.

Caroline Rainbird, Chief Executive of FSCS, said:"We want to reassure members of Strathkelvin Credit Union and let them know that their savings are safe. FSCS has now stepped in and most members will receive their money by cheque directly from us within a few days. There is no need to make a claim, these cheques will arrive automatically to help members get back on track as soon as possible."

As Fazzaco reported earlier, the UK's statutory Deposit insurance and investors compensation scheme has declared 12 firms in default from 1 December 2021 to 31 January 2022.