Mercat Cross and The Bruce Credit Union Ltd declared in default: FSCS to protect 126 members

Thursday 05 Dec 2019 @ 16:20
FSCS

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Mercat Cross and The Bruce Credit Union Ltd, which has stopped trading and is now in default.

FSCS will compensate the vast majority of the 126 members of the Stirling-based credit union within seven days. Using Mercat Cross and The Bruce Credit Union Ltd’s records, FSCS will send payments to them automatically. All members will receive a cheque for their balance direct from FSCS.

FSCS expects the total payout for Mercat Cross and The Bruce Credit Union Ltd to be just under £100,000.

Caroline Rainbird, Chief Executive of FSCS, yesterday said:

“FSCS is here to protect the members of Mercat Cross and The Bruce Credit Union Ltd and we are ready to help them to get back on track. All members of the credit union need to know their money is safe.

“No one needs to worry or to do anything as they should receive their money within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.”

FSCS has come to the aid of more than 5.5m people since 2001, paying out over £27bn in compensation when authorised financial firms fail.

For more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions, please visit FSCS’s website and see our Compensation limits page.

Queries about Mercat Cross and The Bruce Credit Union Ltd can be directed to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd, which has been appointed as administrator.

The administrator can be contacted by telephone in the first instance on 01786 450928 or on 0113 244 5141; e-mail mercat@geoffreymartin.co.uk. The postal address is Mercat Cross and The Bruce Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, Third Floor, One Park Row, Leeds, LS1 5HN.

Media enquiries

James Tweed
T: 020 7375 8646

Catherine Goodier
T: 020 7375 8631

Anthony Ozimic
T: 020 7375 8638

E: publicrelations@fscs.org.uk

Notes to editors
Read more about the remit of FSCS on our Notes for editors page.

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

Original article link: https://www.fscs.org.uk/media-centre/press-releases/2019/december/mercat-cross-and-the-bruce-credit-union-default/

Share this article

Latest News from
FSCS

Almost £2billion lost in retirement savings since 2019, with men most likely to claim, new data from FSCS shows

18/04/2024 13:25:00

More than 43,000 claims have been received by the Financial Services Compensation Scheme (FSCS) since 2019 for total pensions losses reaching almost £2billion when authorised financial providers and advisors went out of business, according to new analysis of FSCS claims data, with four out of five made by men.

More than £54million recovered from failed financial providers in 2023/24, latest data from FSCS shows

09/04/2024 12:10:00

London – In the year ending March 2024, the Financial Services Compensation Scheme (FSCS) has recovered over £54million from the estates of failed financial services providers.

FSCS confirms nine firms have been declared in default in December 2023 and January 2024

16/02/2024 14:10:00

Regular notice that consumers could be in line for compensation.

Delivering for our customers in 2023

23/01/2024 13:10:00

With thousands of claims processed and millions paid in compensation to customers, 2023 was another challenging but rewarding year for the FSCS Customer team. Across the calendar year, a total of 61 financial firms were declared in default and we made 40,197 claim decisions for 27,145 customers. FSCS Chief Customer Officer, Sarah Marin, tells us more.

WIREDGOV