Quantuma appointed as credit union enters administration

Hastings & Rother Credit Union Limited, trading as 1066 Community Bank has entered administration

The Financial Services Compensation Scheme (FSCS) declared Hastings & Rother Credit Union as failed (in default).

Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as Joint Administrators of financial cooperative.

The East Sussex credit union with 590 members. Founded in 1999, the credit union is based in Hastings and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2018 the credit union recorded a turnover of £13K.

All members funds, below the £85k limit, will be protected and repaid in full by the FSCS. All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.

The administration team will assist any members who need support and FAQs with a list of useful contacts have now been published on the FSCS website.

Dina Devalia, managing director and expert on credit union administrations at Quantuma, said “Members of the Hastings & Rother Credit Union do not need to worry. Their money is safe and the FSCS will return 100 per cent of members’ deposits, subject to the FSCS limit.”

“We are working closely with the FSCS to ensure that all members will receive their money back as soon as possible.”