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FSCS declares two credit unions in default

The Financial Services Compensation Scheme has declared Hull Northern Credit Union Limited and Derby City Credit Union Limited in default and is now processing consumer claims.

The two credit unions have over 1,000 members between them and application forms have been issued to all members.

The FSCS has so far received approximately 260 claims.

FSCS chief executive Loretta Minghella says: “The FSCS performs a vital role in protecting consumers and maintaining confidence in the financial services sector. People who lost money as a result of the collapse of these credit unions should return their application form to us as soon as possible.

“We generally pay credit union claims within four weeks of receiving an application form. Anyone who has not yet received a form but believes they may have a claim should contact our customer services team.”

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