The Financial Services Compensation Scheme (FSCS) has announced that Greater Milton and Possilpark Credit Union Limited has ceased trading.
The Glasgow-based credit union was declared in default yesterday (12th March), meaning that it can’t pay money to its 4,212 members.
A total of £3.4m is expected to be paid to the credit union’s customers by the FSCS.
Alex Kuczynski, chief corporate affairs officer at FSCS, said: “Everyone wants to know their money is safe, but they might not know about the safeguards that are in place.
“FSCS is here to protect members of Greater Milton and Possilpark Credit Union Ltd and help them back on track.
“Our aim is for the vast majority of customers to get their money back within seven days.”
Dina Devalia and James Sleight of PKF Geoffrey Martin & Co were appointed as joint administrators of the credit union.
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