Strathkelvin Credit Union Limited in the Glasgow area declared in default: FSCS to protect its 1,820 members

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.”

There is a dedicated page including questions and answers which may be useful for members of Strathkelvin Credit Union on FSCS’s website.

For more information on how FSCS can protect people with current or savings accounts in credit unions, banks and building societies, please visit the FSCS website and our ‘what we cover’ page.

Any questions about Strathkelvin Credit Union can be directed to the administrators, Dina Devalia, Simon Bonney and Ian Wright of Quantuma Advisory Limited. They can be contacted by telephone in the first instance on 0141 432 0360 or 0141 776 6446, or alternatively by telephone on 0141 348 7808 or e-mail at scu@quantuma.com. Any post should be addressed to Strathkelvin Credit Union Limited c/o Quantuma Advisory Ltd, High Holborn House, 52-54 High Holborn, London WC1V 6RL.

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