Handsworth Breakthrough Credit Union Members Receive Payout
Savers with Handsworth Breakthrough Credit Union Limited have now had their savings back after the Financial Services Compensation Scheme (FSCS) acted quickly to make compensation payments.
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 Handsworth Breakthrough Credit Union Limited, which was declared in default on 5 January 2012, compensation was paid in respect of the majority of claims within 4 days.
Where possible, the FSCS expects to pay the remaining claims within 20 working days.
The FSCS has paid out a little over £203,000 in compensation to members of the credit union.