Credit Union closes

Plough & Share Credit Union has closed after it was revealed it was in default and could not repay deposits to its 2,550 members.

The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Credit Union. The 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.

People with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from FSCS. Queries about Plough & Share Credit Union can be directed to its administrators Jo Milner and Stephen Cork of Cork Gully LLP.