Administrators appointed to credit union

James Sleight and Stratford Hamilton of PKF Littlejohn Advisory have been appointed as Joint Administrators of London Community Credit Union (LCCU)

LCCU whose membership covers residents and employees who live, work or study in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London.

LCCU’s Regulatory bodies have also declared the Credit Union in default, which means that savers are entitled to receive their deposits back (up to the limit of £85,000 per individual).

James Sleight, the Joint Administrator said “While this is of course hugely disappointing news for the members and the local community, I want to reassure all of LCCU’s members that their money is safe and they do not need to worry.  All of their savings deposits will be returned to them by the FSCS. Members do not need to take any action to receive their savings balance and will receive information from the FSCS either by email or by post on how they can access this. We will also be writing to all members shortly with further information”

Sleight says that PKF Littlejohn Advisory will also be writing to all members shortly to explain the position and provide further details, which will also include information for those members who have a loan with the Credit Union and what happens next “We’ll be available by email or telephone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefit receipts. Members should also access LCCU’s website for regular updates and other useful information”