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Welsh credit union goes out of business


Out of business

West Wales Credit Union Limited has stopped trading, is now in default and is unable to repay deposits to its 1,700 members.

The Financial Services Compensation Scheme (FSCS) will compensate the majority of members within seven days using the credit union’s records to automatically send payments.

The FSCS expects the total pay out will be over £925,000 to the company’s members.

PKF Geoffrey Martin & Co Limited has been appointed as administrators.

Customers with up to £1,000 in their accounts will receive a letter from the FSCS to collect their cash over the counter at their local Post Office. 

Anyone with more than this amount will receive a cheque for their balance direct from the FSCS.

The holders of child trust fund accounts with West Wales can only have payments made to an alternative junior Isa provider.

Mark Oakes, head of communications at FSCS, said: “We are here to protect members of West Wales Credit Union Limited, and we’re ready to help.

“You should get your money back within the week. 

“The process is automatic too, so you won’t have to apply for compensation.”

The FSCS protects up to £85,000 of savings and £170,000 for joint accounts.

Since 2001, the FSCS has helped more than 4.5 million people and paid out over £26bn in compensation.





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