Failed credit union savers in Cornwall to be reimbursed
Savers with a failed credit union in Cornwall will get their money back within seven days, the Financial Services Compensation Scheme has said.
The Cornwall and Isles of Scilly Credit Union – which has more than 2,100 members – went into liquidation on Friday following an order issued by the High Court.
A total of £569,000 had been invested in the not-for-profit co-operative which traded as Cornish Community Banking and had five branches.
But savers were reassured by the Financial Services Compensation Scheme (FSCS), which protects consumers when banks, building societies or credit unions go bust, that they would receive their cash in a matter of days.
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FSCS director of operations Kate Bartlett said: "The Financial Services Compensation Scheme is ready to protect the credit union's members. We'll get their savings back to them within seven days and they won't even need to lift a finger. Their money is safe up to £85,000. So there is no reason to worry, people will have their savings back soon."
A recovery plan for the union was launched 12 months ago without success. The board said liquidation was the "inevitable consequence" of members voting against a merger with the Kernow Credit Union.