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Havant credit union members lose access to savings

Members of the Havant Area Savers Credit Union have lost access to access their savings.

The FSA removed the credit union’s permission to accept deposits and banned it from making new loans or varying existing loans or repaying deposits on December 31, 2010.

It remains unclear whether the union will be able to repay its members’ investments.

The Financial Services Compensation Scheme has issued a statement saying it is “aware” of the issue.

It says: “We are working with the FSA to establish whether or not Havant Area Savers Credit Union is able to return savings to its members.

“If the credit union cannot pay back the money it owes its members, we will declare it ‘in default’ and will aim to pay compensation to eligible members in the majority of cases within seven days.”

It adds the FSCS will provide a further update by January 14, 2011.

The credit union started in 1996 as the Leigh Park Credit Union and in 2005 the FSA granted approval for the union to cover the entire Havant borough.

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