The Financial Services Compensation Scheme (FSCS) has compensated 530 members of the Millom and District Credit Union following its collapse last week.
The credit union's records revealed that savers held a combined £235,000 on deposit with the Cumbria-based company. The FSCS announced last Wednesday that it would compensate the majority of the union's members. FSCS director of operations Kate Bartlett said: "FSCS protects people when authorised financial services firms go bust. So I'm pleased to confirm FSCS payments have now been made to members of the Millom & District Credit Union. It is good news for their members." FSCS protects savings up to £85,000, which the scheme says covers about 98% of people. Since 2001, FSCS has ...
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