West Wales Credit Union has ceased trading. The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 1,700 members.
FSCS will compensate the vast majority of members within seven days. The scheme will use the credit union’s records to automatically send payments out to them. The administrators (PKF Geoffrey Martin & Co Limited) will shortly be writing to the registered holders of Child Trust Fund accounts with West Wales Credit Union with further information about this.
FSCS protects up to £85,000 of savings – double that for joint accounts. It has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation. FSCS expects the total pay-out for West Wales Credit Union members will be over £925,000.
Mark Oakes, Head of Communications at FSCS, said “We are here to protect members of West Wales Credit Union Limited, and we’re ready to help. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within the week. The process is automatic too, so you won’t have to apply for compensation.”