Speedy FSCS Payout to Members of Pallister Credit Union Limited
Creditors of Pallister Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments, following its May 2 announcement of a speedy payout.
The credit union stopped trading on 1 May 2012.
The FSCS aims to pay most savers within seven days of a bank, building society or credit union being declared in default. In the case of Pallister Credit Union Limited, compensation has now been paid in respect of the majority of claims within 2 days, and the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has worked with the credit union to get the information it needs to pay back depositors quickly.
The FSCS has paid out just over £98,000 in compensation to members of the credit union. Pallister Credit Union Ltd has just over 300 active members with accounts totalling some £100,000.