UK FSCS to Compensate 2,614 Members of All Flintshire Credit Union Limited

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

FSCS aims to compensate the 2,614 members of the credit union, which is in Holywell, Flintshire, North East Wales within seven days. Using All Flintshire Credit Union's records, FSCS will send each member a cheque for their balance automatically.

FSCS expects the total compensation for All Flintshire Credit Union to be around £2.25m.

Caroline Rainbird, Chief Executive of FSCS, said:"FSCS is here to protect the members of All Flintshire Credit Union and help them get back on track. We want to reassure them that their money is safe. No one needs to worry and most members will receive their money directly from FSCS by cheque within a week. We protect people's savings up to £85,000, and joint accounts up to £170,000."

Earlier this month, FSCS published that London Capital and Finance (LCF) bondholders have been approached by what appears to be scammers via emails. FSCS calls LCF bondholders to be "extremely wary" of any contact that isn't directly from FSCS or LCF's administrator.