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Parkhead Credit Union Ltd has failed

The Financial Services Compensation Scheme (FSCS) has announced the failure of Glasgow-based Parkhead Credit Union Limited, which was declared in default on 3 April, 2019. This means the credit union can’t pay money to its 2523 members. FSCS is stepping in to protect customers and we expect to pay a total of £1.68 million to all customers within seven days of the failure being declared. We’ll send payments to members automatically, using the credit union’s records.

Alex Kuczynski, Chief Corporate Affairs Officer at FSCS, said: “Everyone needs to know their money is safe and we have just increased our limits for the wide range of products and services that we cover. As well as for claims against a credit union, bank or building society, customers can now be assured that if they lose money as a result of the failure of an authorised financial services firm such as their investment or mortgage adviser, or debt management provider, that FSCS provides a higher level of protection up to £85,000 per person.”

FSCS protects deposits up to £85,000 in UK authorised banks, building societies and credit unions. If you’ve a joint account, up to £170,000 of your money is protected. Parkhead Credit Union customers can find further information here.

For any queries please speak to Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited who are the Administrators of Parkhead Credit Union Limited. You can call them on on 0141 551 8387, 0141 432 1703, or alternatively on 0113 244 5141; or email parkhead@geoffreymartin.co.uk.


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

Original article link: https://www.fscs.org.uk/news/2019/april/parkhead-credit-union-limited/

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