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Birmingham Inner Circle Community Credit Union Limited declared in default: FSCS to protect its 2,360 members

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

FSCS will compensate most of the 2,360 members within seven days. Using the Credit Union’s records FSCS will send members with balances below £500 a letter to allow them to get cash at any Post Office branch, while members with balances over £500 will receive a cheque automatically. FSCS expects the total compensation for Birmingham Inner Circle Community Credit Union Limited to be around £1,368387.

Where contact details are missing for members who still have money in their Birmingham Inner Circle Community Credit Union 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, Dina Devalia & James Varney of Quantuma Advisory Limited.

Emma Barrow, Head of Communications at FSCS, recently said:

“Members of Birmingham Inner Circle Community Credit Union Limited can rest assured that their money is safe. Members who have not already closed their accounts do not need to do anything – they will either receive a letter to take to the Post Office to get their money or a cheque directly from us within a week. 

FSCS protects people’s savings up to £85,000 per person and we are ready to help those who have been affected get back on track as quickly as possible.”

dedicated page on the FSCS website includes questions and answers which may be useful for members of Birmingham Inner Circle Community 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.

Any questions about Birmingham Inner Circle Community Credit Union Limited can be directed to the Joint Administrators, Dina Devalia & James Varney of Quantuma Advisory Limited. Any post should be addressed to Dina Devalia & James Varney of Quantuma Advisory Limited, High Holborn House, 52-54 High Holborn, London WC1V 6RL.

Media enquiries

T: 07730 668 558
E: publicrelations@fscs.org.uk

 

Channel website: https://www.fscs.org.uk/

Original article link: https://www.fscs.org.uk/media/press/2022/sep/birmingham-fail-fscs-protects-members/

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