City of Plymouth Credit Union enters administration

The City of Plymouth Credit Union has entered administration.

James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of CPCU on 27 April 2022.

The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that all savers’ monies are protected and will receive their funds (up to the limit of £85,000 per individual).

James Sleight, of PKF GM, sai: “All of CPCU’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”