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FSCS steps in after credit union collapses

People who invested in the collapsed Rotton Park and Winson Green credit union will be protected, the Financial Services Compensation Scheme (FSCS) said yesterday.

The union was declared 'in default' at the beginning of the month, following investigations into its solvency by the financial watchdog.

As a result, the body's 610 members are expected to claim back £300,000 lost with its collapse.

FSCS director of claims Jonathan Clark said: "We have stepped in to help members of this credit union and are doing everything possible to ensure they get compensation for their lost savings fast."

Janet Haley, an ex-member of the union, added: "I am so glad the FSCS has stepped in to help people like me who had money in the credit union.

"I was worried that my money would be gone forever but thankfully FSCS has now been able to give it back to me."

Credit unions function as small, privately owned financial co-operatives - and are popular with many borrowers in the UK.

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