Glenard Credit Union declared in default
23 Jun 2014 02:40 PM
The Financial Services
Compensation Scheme (FSCS) is stepping in to protect nearly 180 members of
Glenard Credit Union Limited (‘Glenard CU’) after it was wound up
on 19 June 2014. The credit union is based in Belfast, Northern
Ireland.
The Scheme is pledging
that the overwhelming majority of savers will get their money back within
seven days.
People will not need to lift a
finger to get their savings back. Using credit union records, FSCS will
automatically send payments to members of the credit union.
Some 180 savers have just over
£96,000 with Glenard CU. People with up to a thousand pounds will receive
a letter to get cash over the counter at their Post Office. Anyone with more
than this will receive a cheque.
FSCS protects up to
£85,000 of savings or £170,000 for joint accounts. It has come to
the aid of more than 4.5m people since 2001 while paying out over £26bn
in compensation.
Mark Oakes, Head of
Communications for FSCS, says help is on the way. “FSCS is
protecting Glenard Credit Union members. We’re ready to help. Your
savings are safe and we will get your money back to you within the next week.
The process is automatic so you won’t have to apply for compensation. We
will pay up to £85,000, so every member of the credit union is
protected.”
Financial services firms fund
FSCS through a compulsory annual levy. The Scheme protects deposits,
insurance and investments when authorised firms go bust. It has the most wide
ranging protection of any scheme in the world. For more information visit
our Glenard Credit Union Frequently Asked Questions.
We also have a short video
explaining how FSCS can help when your credit union goes out of
business.