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Hastings & Rother Credit Union Ltd (trading as 1066 Community Bank) declared in default: FSCS to protect its 590 members

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Hastings & Rother Credit Union Limited (trading as 1066 Community Bank), which has stopped trading and is now in default.

FSCS will compensate most of the 590 members within seven days. Using the Credit Union’s records FSCS will send members with balances below £1,000 a letter to allow them to get cash at any Post Office branch, while members with balances over £1,000 will receive a cheque automatically. FSCS expects the total compensation for Hastings & Rother Credit Union Limited (trading as 1066 Community Bank) to be around £387,024.56.

Where contact details are missing for members who still have money in their Hastings & Rother Credit Union Limited (trading as 1066 Community Bank) 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 Administrators on 01424 390150, 01424 202651 or 074 6927 8739, or email HRCU@quantuma.com.

Lila Pleban, Chief Communications Officer at FSCS, said:

“We want customers of Hastings & Rother Credit Union Limited (trading as 1066 Community Bank) to know 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 Hastings & Rother Credit Union Limited (trading as 1066 Community Bank).

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 Hastings & Rother Credit Union Limited (trading as 1066 Community Bank), contact the Administrators on 01424 390150, 01424 202651 or 074 6927 8739, or email HRCU@quantuma.com.

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/2023/aug/hastings-rother-credit-union-default/

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