UK FSCS to Compensate 2,348 Members of City of Plymouth Credit Union Ltd

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

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FSCS aims to compensate most of the 2,348 members of the Plymouth-based credit union 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 City of Plymouth Credit Union Ltd to be around £1.2m.

Emma Barrow, Head of Communications at FSCS, said:"Members of City of Plymouth Credit Union Ltd can be assured 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. Members do not need to make a claim. These cheques will arrive automatically to help them get back on track as soon as possible."

As Fazzaco reported earlier, the UK's statutory Deposit insurance and investors compensation scheme has declared 5 firms in default from 1 February to 31 March 2022, which is lower than the figure of the prior two months.