Credit Union enters administration

6 Towns Credit Union has been placed into administration and has now stopped trading.

James Sleight and Peter Hart of PKF Geoffrey Martin & Co have been appointed as joint administrators.

6 Towns Credit Union was a financial co-operative owned by its members.

The Financial Services Compensation Scheme (FSCS) had 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, Director, Head of Leeds Office of PKF GM, said “All of 6TCU’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.” Any savings balance due to you will be sent by post to you by the FSCS by way of a cash over the counter payment (if below £250) or a cheque (if £250 or more) which you will need to bank in a different account in your name. 6TCU has now ceased trading.”