Castle & Crystal Credit Union Limited declared in default: FSCS to protect its 7,173 members
The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Castle & Crystal Credit Union Ltd which has stopped trading and is now in default.
FSCS will compensate most of the 7,173 members within seven days. The majority of customers will receive a cheque, while a small portion of members will receive a letter to allow them to get cash at any Post Office branch. FSCS expects the total compensation for Castle & Crystal Credit Union Ltd to be around £2.6m
Where contact details are missing for members who still have money in their Castle & Crystal Credit Union Ltd account FSCS will not be able to issue cheques to these members immediately.
Anyone who believes they still have money in an account with the Credit Union but has not received a compensation cheque from FSCS within seven days should contact the Joint Administrators James Sleight & Peter Hart, PKF Littlejohn Advisory Limited, Third Floor, One Park Row, Leeds, LS1 5HN.
Matthew Phillips, Head of Readiness at FSCS said: “We want to reassure customers of Castle & Crystal Credit Union Ltd that their money is safe.
FSCS will help customers get back on track as quickly as possible by protecting each member’s savings up to £85,000. FSCS’s website has further details and customers can contact us or the Joint Administrators with any questions.”
A dedicated page on the FSCS website includes questions and answers, which may be useful for members of Castle & Crystal Credit Union Limited.
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.
For any questions about Castle & Crystal Credit Union Ltd, contact the Joint Administrators James Sleight & Peter Hart, PKF Littlejohn Advisory Ltd, Third Floor, One Park Row, Leeds, LS1 5HN.
Media enquiries
T: 07730 668 558
E: publicrelations@fscs.org.uk