The Financial Services Compensation Scheme

We have no intention of closing our credit union down – when people in our community tell us how important we are to them, we know that we must do our best to keep going.

Yet, if some disaster did happen, the compensation scheme would ensure that our members would get their savings back.

The scheme covers savings up to £85,000 per person or per qualifying organisation. So with our current savings limit being £53,365, all members’ savings are potentially covered.

Children’s savings are covered as well as adults’.

All of our current Corporate Members - unincorporated community organisations, charities, co-operatives, community benefit societies, social enterprises, school parent associations, community interest companies, commercial businesses, and sole traders - are covered; though some larger businesses who could join us might not be.

Should the worst happen, the Credit Union would send Financial Services Compensation Scheme a list of all members’ savings balances. When called upon, the Scheme is currently committed to paying out most savers within 7 days, and all within 15 days.