FSCS aware of situation with Enterprise in Business Credit Union in Bournemouth
The Financial Services Compensation Scheme is monitoring the situation with Enterprise in Business Credit Union. It applied to the High Court recently to appoint administrators.
FSCS is ready to protect members if the credit union enters administration. This would trigger the compensation scheme.
FSCS aims to pay people back within seven days if their bank, building society or credit union fails. It protects up to £85,000 of peoples’ money. And the process is automatic; people do not need to apply for compensation. FSCS sends them their money back up to the limit.
Enterprise in Business is based in Bournemouth. The credit union also operated under the banner of Dotcom Unity online.
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