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20 September 2017
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FSCS

"Financial Services Compensation Scheme"


Important information about compensation arrangements

We are covered by the Financial Services Compensation Scheme (FSCS).

The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme.
 
In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000).

The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with the credit union, including their share of any joint account, and not to each separate account. 

Your eligible deposits are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK's deposit protection scheme.  Any deposits you hold above the £85,000 limit are not covered.
 
For further information about the scheme (including the amounts covered and eligibility to claim) please refer to the FSCS website http://www.fscs.org.uk/ for your local branch or call 0800 678 1100



Updated: 28 February 2017