Basildon Credit Union Limited declared in default: FSCS to protect its 498 members

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

FSCS will compensate most of the 498 members by cheque within seven working days. FSCS expects the total compensation for Basildon Credit Union Limited to be around £344,000.

Where contact details are missing for members who still have money in their Basildon Credit Union Limited 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 by 26 March should contact the Joint Administrators, Dina Devalia and Michael Kiely at Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG.

Emma Barrow, Head of Communications at FSCS said: “Customers of Basildon Credit Union Limited can be assured that their money is safe.

FSCS has now stepped in and members with live accounts don’t need to do anything – they will receive their money automatically by cheque within a few days.”

A dedicated page on the FSCS website includes questions and answers, which may be useful for members of Basildon 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 further questions about Basildon Credit Union Limited contact the Joint Administrators, Dina Devalia and Michael Kiely at Quantuma Advisory Limited, 7th Floor, 20 St Andrew Street, London, EC4A 3AG.

Media enquiries

Email: publicrelations@fscs.org.uk

Contact: Richard Freeston-Clough