FSCS compensates savers after credit union collapse

Carmen Reichman
clock

The Financial Services Compensation Scheme (FSCS) will compensate savers affected by the downfall of Cumbria-based Millom & District Credit Union, which went into liquidation today.

The FSCS said it would pay back the majority of the credit union's 530 savers, who hold a combined £235,000 with the firm, within seven days.  The FSCS, which is funded by financial services firms through a compulsory annual levy, protects up to £85,000 of savings or £170,000 for joint accounts. The scheme usually collects its pool pot of funding in August every year and starts drawing from it within a month thereafter. The current levy, which was collected last autumn, stood at a total of £265m. Since 2001, the scheme has paid out more than £26bn in compensation to more than 4.5 m...

To continue reading this article...

Join Professional Adviser for free

  • Unlimited access to real-time news, industry insights and market intelligence
  • Stay ahead of the curve with spotlights on emerging trends and technologies
  • Receive breaking news stories straight to your inbox in the daily newsletters
  • Make smart business decisions with the latest developments in regulation, investing retirement and protection
  • Members-only access to the editor’s weekly Friday commentary
  • Be the first to hear about our events and awards programmes

Join

 

Already a Professional Adviser member?

Login

More on Your profession

Feel Good Friday: Nine Edge Wealth sponsors young Scottish boxer

Feel Good Friday: Nine Edge Wealth sponsors young Scottish boxer

Sponsors Lara Brown

Professional Adviser
clock 17 July 2026 • 1 min read
Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Women's Wealth Alliance launches careers guide to attract more women to personal finance profession

Aimed at women at different stages of life and careers

Professional Adviser
clock 16 July 2026 • 3 min read
Women in Financial Advice Awards 2026: Shortlists revealed!

Women in Financial Advice Awards 2026: Shortlists revealed!

All the winners will be announced at a celebratory gala dinner on 4 November

Professional Adviser
clock 15 July 2026 • 10 min read