The Financial Services Compensation Scheme (FSCS) has announced that Greater Milton and Possilpark Credit Union Limited has ceased trading.
The Glasgow-based credit union was declared in default yesterday (12th March), meaning that it can’t pay money to its 4,212 members.
A total of £3.4m is expected to be paid to the credit union’s customers by the FSCS.
Alex Kuczynski, chief corporate affairs officer at FSCS, said: “Everyone wants to know their money is safe, but they might not know about the safeguards that are in place.
“FSCS is here to protect members of Greater Milton and Possilpark Credit Union Ltd and help them back on track.
“Our aim is for the vast majority of customers to get their money back within seven days.”
Dina Devalia and James Sleight of PKF Geoffrey Martin & Co were appointed as joint administrators of the credit union.
SIGN UP TO OUR NEWSLETTER TO RECEIVE MORE NEWS LIKE THIS STORY
Wyelands Bank hires two new regional directors
Wyelands Bank has made two additions to its working capital solutions team...
Triodos Bank reports 17% growth in sustainable lending
Triodos Bank has reported a 17% year-on-year growth in sustainable lending for the year ended 31st December 2018...
Tandem introduces new savings account powered by AUTOSAVINGS
Tandem has launched a new savings account which pays 0.5% interest...
Project BankNorth picks nCino to provide digital banking platform
Project BankNorth has partnered with cloud-banking fintech nCino...
Curve to hire six country managers for international expansion
Curve has announced plans to open offices in Italy, Germany, France, Spain, Portugal and Poland...
Redefining SME banking technology
There has been significant change in the financial services sector in the past three to five years, one driven by new client expectations of customer experience, performance and speed of execution...
Unity Trust Bank reports 68 per cent profit rise
Unity Trust Bank increased its profits by 68% in 2018, having approved over £200m of lending to firms and projects...
OakNorth reveals plans for Manchester client-facing office
OakNorth’s Manchester client-facing office is expected to go live within two to three months, according to its chief operating officer Amir Nooriala (pictured above)...
SimplyBiz agrees to acquire Defaqto for £74.3m
The SimplyBiz Group has conditionally agreed to acquire the entire issued share capital of Regulus Topco Limited for a total consideration of £74.3m...
Training BDMs to the level required takes 'up to a year'
Investec Private Bank’s BDM Peter Izard (pictured above) has stated that if you don't invest in people, you won’t get the outcomes that you need...
A guide to 'Isa season'
If you’ve opened a newspaper or read the news online recently, you’ve probably come across the term ‘Isa season’ which focuses on how you should use your Isa allowance before the end of the tax year...