The Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Barrow & District Credit Union Ltd, which has stopped trading and is now in default.
FSCS will compensate the 1,227 members of the credit union, which is in Barrow-in-Furness, Cumbria, within seven days. Using Barrow & District Credit Union Ltd’s records, FSCS will automatically send each member a cheque for their balance.
FSCS expects the total payout for Barrow & District Credit Union Ltd to be just over £500,000.
Caroline Rainbird, Chief Executive of FSCS, said:
“FSCS is here to protect the members of Barrow & District Credit Union Ltd and to help them get back on track. We want to reassure them that their money is safe.
“No one needs to worry or do anything as they should receive their money by cheque within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.”
For more information on how FSCS helps people with current or savings accounts in credit unions, banks and building societies, please visit the FSCS website and see our Compensation limits page.
Queries about Barrow & District Credit Union Ltd can be directed to James Sleight and Peter Hart of PKF Geoffrey Martin & Co Ltd, which has been appointed as administrator.
The administrator can be contacted by telephone in the first instance on 01229 520130 or 01229 870110, or alternatively on 0113 244 5141; e-mail email@example.com.
The postal address is Barrow & District Credit Union Ltd c/o PKF Geoffrey Martin & Co Ltd, Third Floor, One Park Row, Leeds, West Yorkshire LS1 5HN.