Savers reassured money is safe after All Flintshire Credit Union enters administration
A Flintshire based credit union has closed but members have been assured their savings are protected.
Holywell based All Flintshire Credit Union (AFCU) has been placed into Administration and has now ceased trading.
Credit unions are not-for-profit, member-owned, community savings and loans providers and are an ethical alternative to high street banks or doorstep lenders.
A message on the AFCU website states that: “All Flintshire Credit Union Limited was placed into Administration and has now stopped trading.”
“James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of AFCU on 25 January 2022.”
“The Financial Services Compensation Scheme (“FSCS”) has also declared the credit union in default, which means that all savers monies are protected and will receive their funds (up to the limit of £85,000 per individual).”
The statement indicates deposits up to £85000 will be returned automatically so all should be well and the @WCCU2 is on hand for those that wish to keep supporting the credit union movement in Flintshire
— Sir David Hanson (@RTHondavehanson) January 26, 2022
James Sleight, of PKF GM, said: “All of AFCU’s savers will have their balance returned by the FSCS.”
“They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”
The website goes on to state: “You do not need to do anything to make a claim for your AFCU savings balance with the FSCS as they will send you payment in respect of your account balances as at 24 January 2022 very soon.”
“Should any monies be paid into AFCU’s bank account on or after 25 January 2022 until the account is closed where you are the intended recipient you will need to complete a return of funds request form which will be issued to you by post shortly by the Joint Administrators.”
Delyn MS Hannah Blythyn said: “I know that many constituents will be concerned by the announcement that the All Flintshire Credit Union has been placed in administration.”
“Since becoming aware of the challenges they have been facing I have been in touch with AFCU and Jane Hutt as Minister responsible, to offer as much as support as possible.”
“While it has now entered administration the Minister has given an assurance that those impacted by the closure will be protected by the Financial Services Compensation Scheme, who will act very quickly to compensate members.”
“I am aware that the Minister has also agreed to provide financial support to Cambrian Credit Union to support them to physically move into the area following the closure of AFCU.”
More details and ‘Frequently Asked Questions can be found on the AFCU website here: allflintshirecreditunion.co.uk
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