The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers will receive their deposits back.

The credit union has a single branch in West Ealing, London. It was launched in 2013 to provide savings accounts and loans for the Polish community and has more than 500 members.
Dean Watson, administrator and partner at Begbies Traynor, 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.
‘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.
Begbies Traynor has issued a letter to all members containing a frequently asked questions worksheet and issued a statement on the credit union’s website providing further information and a link to the FSCS statement.

Polish Credit Union UK’s statement on their website is here 

Report by Pat Sweet