Mercat Cross and The Bruce Credit Union Ltd declared in default: FSCS to protect 126 members
5 Dec 2019 02:13 PM
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 firstname.lastname@example.org. 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.
T: 020 7375 8646
T: 020 7375 8631
T: 020 7375 8638
Notes to editors
Read more about the remit of FSCS on our Notes for editors page.