Loans and Savings Abertawe Credit Union (UK) Limited (trading as My Community Bank Wales) declared in default: FSCS to protect over 3000 members
29th August 2018
The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Loans and Savings Abertawe Credit Union Limited (trading as My Community Bank Wales), which has stopped trading and is now in default. This means the Credit Union cannot repay deposits to its 3128 members.
FSCS will compensate the vast majority of members within seven days. Using the Credit Union’s records, FSCS will send payments out automatically.
People with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from FSCS.
FSCS protects up to £85,000 of savings – double that for joint accounts and has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation. FSCS expects the total pay-out for Loans and Savings Abertawe Credit Union Limited members to be £498,000.
Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said:
“FSCS is here to protect members of Loans and Savings Abertawe Credit Union Limited (trading as My Community Bank Wales). Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within seven days. The process is automatic too, so you won’t have to apply for compensation.”
For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, please visit our deposit limts page.
Any queries about Loans and Savings Abertawe Credit Union Limited (trading as My Community Bank Wales) can be directed to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited who have been appointed as joint administrators.
You can contact the joint administrators by telephone on 01792 713 110 or alternatively on 0113 244 5141 as well as email on: lasa@geoffreymartin.co.uk
Media enquiries
Bhavik Depala
T: 020 7375 8631
Anthony Ozimic
T: 020 7375 8638
E: publicrelations@fscs.org.uk
Notes:
- For more information on deposits protection please visit our questions and answers page.
- Loans and Savings Abertawe Credit Union Limited (trading as My Community Bank Wales)Credit Union Limited was declared in default on 29 August 2018 with 3128 members.