The Metropolis of Plymouth Credit score Union Restricted in Devon has been declared in default by the Monetary Providers Compensation Scheme (FSCS), opening the door to members to say compensation anticipated to be within the area of £1.2m in complete.
The FSCS goals to compensate many of the 2,348 members of the Plymouth-based credit score union inside seven days.
The compensation physique will ship every member a cheque for his or her stability mechanically.
The FSCS says it has stepped in to guard the members of credit score union which has stopped buying and selling and is now in default.
The FSCS expects the full compensation for Metropolis of Plymouth Credit score Union to be round £1.2m.
The credit score union is the third to be declared in default this yr.
Strathkelvin Credit score Union Restricted in Glasgow and north-east Wales’ All Flintshire Credit score Union had been declared in default by the FSCS within the first quarter of this yr.
Any questions on Metropolis of Plymouth Credit score Union Restricted may be directed to the directors, James Sleight and Peter Hart of PKF Geoffrey Martin & Co Restricted.