London Community Credit Union Limited (LCCU) has defaulted, prompting the Financial Services Compensation Scheme (FSCS) to ensure compensation for its members. Approximately 15.4 million is set aside for around 18,335 members, most of whom are expected to receive their funds within seven working days. The FSCS guarantees protection for savings up to 85,000 and aims to help customers regain access to their money swiftly. Communication channels have been set up for those needing assistance in accessing their compensation, underscoring the FSCS's commitment to its members' financial security.
The Financial Services Compensation Scheme (FSCS) expects to compensate members of the London Community Credit Union Limited (LCCU) that has now defaulted.
Members will receive compensation, with most getting their money back within seven working days due to LCCU's default.
#financial-services-compensation-scheme #credit-union #lccu-default #member-compensation #financial-security
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