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K&C Credit Union failure

The Financial Services Compensation Scheme (FSCS) has announced the failure of London-based K&C Credit Union Limited, which traded as ‘Your Credit Union’, which was declared in default on 9 October, 2018.

This means the credit union can’t pay money to its 1,100 members. FSCS is stepping in to protect customers and we expect to pay a total of £1,100,000 to all customers within seven days of the failure being declared. We’ll send payments to members automatically, using the credit union’s records.

Jimmy Barber, Chief Operating Officer at FSCS, said:

“FSCS has stepped in again by protecting the deposits of customers of K&C credit union. I’m glad we’re able to return people’s deposits within seven days and help provide some stability to a community that’s been through so much over the past 15 months.”

FSCS protects up to £85,000 of money in UK authorised banks, building societies and credit unions. If you have a joint account, your money is protected up to £170,000.

K&C Credit Union customers can find further information here.

For any queries please speak to Kevin Murphy, Jason Maloney and Bai Cham of CVR Global LLP who are the Administrators of K&C Credit Union Limited. You can call them on 020 3151 3966 or email: yourcreditunion@cvr.global


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

Original article link: https://www.fscs.org.uk/news/2018/october/kc-credit-union-failure/

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