Administrators called in for credit union

Mon, 06 Aug 2018 | ADMINISTRATION

Polish Credit Union UK Limited, which launched in 2013 and has 500 members under its name, has been placed in administration.

Preston-based insolvency practitioners and specialists in credit unions, Begbies Traynor has been called in, and partner Dean Watson has been appointed as the official administrator.

Opened in 2013 to provide the London-based Polish community with savings accounts and loans, the single-branched credit union located in West Ealing, London has since gained a customer-base of more than 500 members.

The union has been declared in default by the Financial Services Compensation Scheme (FSCS), which will ensure that all members will have their deposits returned to them.

Watson said: “All savers will have their balances returned by the FSCS.

“Savers do not need to do anything to get their money back and anyone with a deposit with the credit union should look out for a letter and monies in the post from the FSCS in the next few days.

“Our immediate priority is to work with the FSCS to ensure that all savers get their money back as quickly as possible.”

Staff from both the Polish Credit Union and Begbies Traynor will be available to customers to answer any questions they may have. Watson stated that all members will receive a Frequently Asked Questions worksheet, and a link to the credit union’s statement online, as well as the FSCS’s statement.

He cited the declining lack of involvement from new members as the reason for the company’s downfall.

“This case shines a light on the challenges that many credit unions face in engaging new members and responsibly increasing loan books required to ensure viability and regulatory compliance,” Watson claimed.

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