View more on these topics

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.



A closer look at Hector Sants’ RDR estimates

Speaking before Christmas at an event organised by PanaceaIFA, Treasury select committee member Mark Garnier told assembled IFAs the committee was a rather dull bunch, reliant on data and facts to reach their collective conclusions. Garnier was impressing on advisers the need to back up their emotional views on the RDR with evidence of the […]

VAT rise ‘bad economics’, says think tank

Today’s rise in VAT to 20 per cent is bad economics and is a result of the coalition shying away from further spending cuts, according to the Institute of Economic Affairs. IEA editorial and programme director Philip Booth says the rise indicates cuts in public spending are insufficient. He says: “Today’s VAT rise is simply […]


JPMorgan launches assault on passive funds with fee cut

JPMorgan Asset Management is slashing the fees on its £61m JPM UK active 350 fund in a bid to compete with ultra-low cost index tracker funds. The group has outlined plans to shift the fund’s investors into a new low-cost share class and rename the fund as JPM UK active index plus, in response to […]

EU GDP grows 0.5% in Q3 2010

European Union GDP increased by 0.5 per cent while Euro area GDP increased by 0.3 per cent in the third quarter of 2010, according to Eurostat, the statistical office of the EU. In the second quarter of 2010, growth rates were 1 per cent in both zones. In comparison with the same quarter the year […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm