Important information about compensation arrangements
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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.
How much is protected?
In the event of emergency, until January 2016, the Government will protect most UK savings accounts and ensure compensation of up to £85,000.
After that, the amount of protection on offer will be reduced to cover £75,000.
This isn't because the Government have decided they can't afford it; it's the result of a five-yearly review to keep us in line with the rest of Europe. We explain the full reasons for the change here.
The protection is offered through the Financial Services Compensation Scheme (FSCS), a fund set up by several financial bodies and regulated by the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA) to protect people's finances in the face of a crisis.
The scheme promises to automatically repay any savings lost through fault of the bank, usually within seven days, although there may be a small delay while the compensation is being found.
The sum of £85,000 - £75,000 from January 2016 - includes any accumulated interest, and represents the limit per person, per PRA authorised firm.
So, for example, at the time of this update joint account holders will be entitled to a total of £170,000 compensation: £85,000 for each named holder.
For further information about the scheme (including the amounts covered and eligibility to claim) please call us on 020 7529 8835, ask at your local branch, refer to the FSCS website or call 0800 678 1100.