Shiremoor and District Credit Union Limited declared in default

9th July 2018

The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Shiremoor and District Credit Union Limited based in Tyne & Wear. The credit union was declared no longer trading (in default) on 9 July 2018. The vast majority of Shiremoor’s former members consented to have their money transferred to Moneywise Credit Union Limited and FSCS is protecting a small number of members who made the decision not to transfer. 

FSCS protects customer of UK banks, building societies and credit unions from £1 up to £85,000. For joint accounts the level of protection doubles to £170,000. Find out more about how FSCS protects money in UK savings and current accounts.

Jargon Buster

  • Credit union

    a financial co-operative which is owned and controlled by its members.
  • In default

    A firm unable, or likely to be unable to pay claims against it. This will generally be because it has stopped trading and has insufficient assets to meet claims, or is in insolvency.