The Financial Services Compensation Scheme (FSCS) is to pay out more than £405,000 to members of Hartlepool Credit Union after declaring it in default.
Hartlepool CU had 2,864 members by the time it was declared unable to pay claims against it. FSCS protects up to £75,000 of savings and double that for joint accounts. It said the vast majority of members will be compensated within seven days via an automatic payment system. FSCS has protected more than 4.5m people since 2001, paying out a total of £26bn in compensation. The scheme is funded by the industry, with advisers paying predominantly for pension and investment advice payouts. Last year the scheme saw claims values against life and pension advisers rocket 138%, despite ...
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