UK Compensation Scheme steps in to protect members of Solent Credit Union

Maria Nikolova

FSCS will compensate most of the 2,146 members of the Southampton-based credit union within seven days.

The UK Financial Services Compensation Scheme (FSCS) has stepped in to protect the members of Solent Credit Union Ltd, trading as Solent Community Bank, which has ceased trading and is now in default.

FSCS says it will compensate most of the 2,146 members of the Southampton-based credit union within seven days. Using Solent Credit Union Ltd’s records, FSCS will send payments to them automatically. Members with up to £1,000 in their account will receive a letter to get the cash over the counter at their local Post Office. Those with a balance of more than £1,000 will receive a cheque for their balance direct from FSCS.

FSCS expects the total payout for Solent Credit Union Ltd to be just under £480,000.

Caroline Rainbird, Chief Executive of FSCS, commented:

‘FSCS is here to protect the members of Solent Credit Union Ltd and we are ready to help. No one needs to worry or to do anything as your money is safe and you should receive it within a week. We protect people’s savings up to £85,000, and joint accounts up to £170,000.’

Queries about Solent Credit Union Ltd can be directed to the Joint Administrators Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited. The Joint Administrators can be contacted by telephone in the first instance on 023 8000 2018 or 023 8098 7644, or alternatively on 0113 244 5141. The postal address is Solent Credit Union Limited c/o PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN, and the email address is [email protected].

Let’s recall that, according to FSCS’s 2018/19 Annual Report, the Scheme paid a total of £473 million in compensation to 425,760 customers of failed firms during 2018/19.

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