Rainbow Saver Anglia Credit Union Limited in Suffolk declared in default: FSCS to protect 463 remaining members

19 May 2022 01:41 PM

The Financial Services Compensation Scheme (FSCS) has stepped in to protect the remaining members of Rainbow Saver Anglia Credit Union Limited, which has stopped trading and is now in default.

As part of a controlled closure, Rainbow Saver Anglia Credit Union Limited has already contacted most of its members who have withdrawn their remaining balances. 

FSCS will protect the remaining 463 members who have not arranged the withdrawal of their money by 18th May 2022.  FSCS expects the total compensation for Rainbow Saver Anglia Credit Union Limited to be around £179,000.

Using the credit union’s records FSCS will send as many remaining members as possible a cheque for their balance automatically. Where members can be contacted directly, FSCS expects to return their balances within a week. 

Contact details are missing for some of the members who still have money in their Rainbow Saver account, which means FSCS will not be able to issue cheques to these members immediately.

Anyone who believes they still had money in an account with the credit union but has not received a compensation cheque from FSCS within seven days should contact the Joint Administrators, James Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited. 

Sarah Marin, Chief Customer Officer at FSCS, yesterday said:

“We want to reassure any remaining members of Rainbow Saver Anglia Credit Union Limited that their money is safe. Most members who have not already closed their accounts will receive their money by cheque directly from us within a few days. 

FSCS protects people’s savings up to £85,000 and we are ready to help members who have been affected get back on track as soon as possible. If you have not received compensation for your remaining balance within the next seven days please get in touch with the Joint Administrators.”

A dedicated page on the FSCS website includes questions and answers which may be useful for members of Rainbow Saver Anglia Credit Union Limited.

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 Rainbow Saver Anglia Credit Union Limited can be directed to the Joint Administrators, James Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited. They can be contacted by telephone on 01502 630120, 07745 795865, or 0113 244 5141 or e-mail rsacu@pkfgm.co.uk. Any post should be addressed to PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN.

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