FSCS picks up credit union members

Consumers who invested their assets in the credit union can now expect to receive 100% of the first £2,000 and 90% of remainder up to £31,700. According to officials at the FSCS, the average claim is thought to be below £2,000 so most claimants should get most if not all of their money back. Credit union members fell under the remit of the FSCS in July 2002, and 16 have been declared in default since that data, say FSCS officials. For more information, contact the FSCS on 020 7892 7300. IFAonline