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Faifley Credit Union Ltd Ltd has failed.
On 23 November, Faifley Credit Union Ltd was placed into liquidation and ceased trading. Financial Services Compensation Scheme declared Faifley Credit Union Ltd failed on 23 November.
The administration of Faifley Credit Union Ltd has ended and the Administrators have ceased to act.
Any queries about your account should be directed to FSCS on 0800 678 1100/ 0207 741 4100 or e-mail enquiries@fscs.org.uk.
Download the determination papers.
My child has a savings account with Faifley Credit Union Ltd. What will happen to his/her savings?
For junior members, FSCS will send a payment in the name of the account holder for the balance of their account at the date the credit union failed.
If the account is operated by an adult on behalf of the child, the cheque will be sent to the account operator’s address, if that has been registered with the credit union, but the payment will be issued in the child’s name.
A new account in that name will need to be opened with an alternative provider. We cannot pay to parents or guardians.
I make payments by standing order to this account. Should I cancel it?
If the standing order relates solely to savings, you should cancel it as no further money will be credited to your account. You can cancel the standing order at any branch of your bank or building society, over the phone or via secure online banking.
However, you'll need to give your bank/building society a couple of days’ notice before the payment is due to come out of your account. If your standing order also relates to loan repayments, do not cancel it.
I had a loan with the credit union. Will I have to repay it, and should I cancel the standing order?
Do not cancel any repayments, as your loan agreement remains in place and you must maintain your repayments as originally contracted.
Future loan repayments will be managed by the administrator who will contact you. If you previously paid your loan in person, that option will no longer be available as the credit union is closed. You'll have to make arrangements to make your loan repayments by bank transfer or by calling into your nearest bank branch. If this is going to be difficult, please contact the administrator. Do not let your loan account fall into arrears.
If you made payments covering both loans and savings, the administrator will be able to advise you of the net payment needed each month to stop you from falling into arrears.
Faifley Credit Union Ltd is no longer accepting loan repayments through the service points. If you have previously paid your loan through a service point, please contact the administrators’ team on the numbers above.
Can I open up alternative credit union account?
Yes. The website www.findyourcreditunion.co.uk will help in choosing from the available options.
A payment was transferred into my credit union account around the time it failed. The amount does not appear to have been credited. Will the balance on my account be updated to reflect this payment?
FSCS will receive information from the credit union that will detail the individual credit balances of all accounts held by its members at 31 October 2020.
Any amounts paid into the account after 31 October 2020 will not be added to your savings balance.
Do I need to notify FSCS if I have recently changed address?
FSCS will send payment to the address that the credit union held on its database.
If you didn't notify the credit union of your change of address before it failed, or you notified it but didn't receive confirmation that the records had been updated before it failed, we will need to see evidence of the change of address before any compensation payment can be made.
Please contact FSCS with evidence of the change of address. Once confirmed we'll make a payment to the new address.
Documents that can be used as evidence include a council tax bill, a utility bill (not a mobile phone bill) or a benefits entitlement letter, as long as they are less than three months old.
Do I need to notify FSCS if I have recently changed my name?
If you've already banked the cheque payment, you do not need to take any further action.
If you have not received your payment or are unable to bank the cheque in the name it was sent in, we'll need to see evidence of your name change before any payment can be made.
You'll need to provide the original documentation or a certified copy of an official document showing your name change – for example, a marriage certificate or deed poll – and this will allow us to update our records and process the claim.
Please contact FSCS with evidence of the change of name. Once confirmed we'll make payment in the new name.
Documents that can be used as evidence include a marriage certificate or a deed poll. Additionally, you'll need to provide a council tax bill, or a utility bill (not a mobile phone bill) or benefits entitlement letter with your new name, as long as they're less than three months old.
I am the executor of a depositor who has recently died. Do I need to contact FSCS?
If the estate has already banked the cheque payment, you don't need to take any further action. If the estate hasn't received the payment, you'll need to send FSCS the original death certificate, grant of probate and a copy of the will or letter of administration.
These should be original documents and are required before FSCS can make a payment. However, should you wish to contact FSCS regarding any issues, please call freephone 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday from 09:00 to 17.00.