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Last Updated: Wednesday, 16 April, 2003, 12:16 GMT 13:16 UK
Compensation for credit union members
Members of an insolvent credit union in Northumberland should get some or all of their money back.

The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of the Guide Post and Scotland Gate Credit Union in Choppington.

Members will be sent application forms to make claims.

Under FSCS' rules, eligible depositors will receive 100% of the first £2,000 and 90% of the next £33,000.

Depositors will receive up to a maximum of £31,700.

FSCS carried out its own investigations into the solvency of four credit unions.

FSCS also covers insurance and investments, and can pay compensation when a regulated firm is unable, or likely to be unable, to pay claims against it.





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SEE ALSO:
Cash boost for credit unions
21 Nov 02  |  Scotland
Watchdog pledge on credit unions
02 Jul 02  |  Scotland
Credit union regulation to begin
28 Jun 02  |  Moneybox
Are credit unions failing?
04 May 01  |  Business


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