City of Plymouth Credit Union Ltd in Devon declared in default: FSCS to protect 2,348 members

28 Apr 2022 12:45 PM

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

FSCS aims to compensate most of the 2,348 members of the Plymouth-based credit union within seven days. Using the credit union’s records FSCS will send each member a cheque for their balance automatically.

FSCS expects the total compensation for City of Plymouth Credit Union Ltd to be around £1.2m.

Emma Barrow, Head of Communications at FSCS, yesterday said:

“Members of City of Plymouth Credit Union Ltd can be assured that their savings are safe. FSCS has now stepped in and most members will receive their money by cheque directly from us within a few days. Members do not need to make a claim. These cheques will arrive automatically to help them get back on track as soon as possible.”

A dedicated page on the FSCS website includes questions and answers which may be useful for members of City of Plymouth Credit Union Ltd.

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 City of Plymouth Credit Union Ltd can be directed to the administrators, James Sleight and Peter Hart of PKF Geoffrey Martin & Co Ltd. They can be contacted by telephone on 01752 477410, 01752 201329, or 0113 244 5141.  They can also be contacted by email at cpcu@pkfgm.co.uk.  Any post should be addressed to PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN.

Media enquiries
T: 07730 668 558
E: publicrelations@fscs.org.uk

Notes for Editors
See our Notes for editors page.