FSCS declares Mercat Cross and The Bruce Credit Union Ltd in default

Maria Nikolova

Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd have been appointed Joint Administrators.

The UK Financial Services Compensation Scheme (FSCS) has earlier today provided information for customers of Mercat Cross and The Bruce Credit Union Ltd, which was placed into liquidation and ceased trading on December 4, 2019. Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd have been appointed Joint Administrators.

FSCS declares Mercat Cross and The Bruce Credit Union Ltd in default on December 4, 2019.

Customers of Mercat Cross and The Bruce Credit Union Ltd are advised not to worry as thei money is safe. FSCS will automatically pay back their money, according to the account information it receives from Mercat Cross and The Bruce Credit Union Ltd. Customers will be contacted by the Scheme via post.

In most cases, FSCS aims to make payment within seven days from the date of default. For more complex cases, which may need further investigation, the body aims to settle claims within 15 working days, once it knows there is an issue. All customers will receive a cheque, sent by post in an unmarked envelope.

FSCS will receive information from Mercat Cross and The Bruce Credit Union Ltd that will detail one’s individual credit balance. The amount of payment customers receive will be the balance on their account, as at the date FSCS declared Mercat Cross and The Bruce Credit Union Ltd in default, on December 4, 2019.

If you disagree with the amount paid by FSCS, please contact the Joint Administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Ltd at 01786 450928 or 0113 244 5141, e-mail [email protected] and they will look into your query. Do not return your payment to FSCS unless you are specifically requested to do so.

You’ll need to open a bank account with another deposit taker (e.g. a bank, building society or the Post Office). You should bank the cheque as soon as possible.

If your salary or benefits are paid into your account at Mercat Cross and The Bruce Credit Union Ltd you’ll need to open a new account elsewhere – and tell your employer or the Department for Work and Pensions.

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