The Financial Services Compensation Scheme (FSCS) is to compensate savers affected by the collapse of Birmingham-based credit union CommuniSave.
The scheme will compensate some 2,000 customers who hold more than £1m with the firm. It will automatically send payments to the credit union's members based on the union's membership records, with savers with less than a £1000 receiving a letter to get cash over the counter and anyone else receiving a cheque. The scheme hopes to compensate the vast majority of savers within seven days, as is standard FSCS procedure. FSCS operations director Kate Bartlett said: "FSCS is protecting CommuniSave Credit Union members. We're here for you and we're ready to help. "Your savings are saf...
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