Administrators called in at credit union

Credit union

Members of the the Mercat Cross and The Bruce Credit Union have been reassured that their money will be returned

13th December 2019 by Gareth Jones 0 Comments

Members of a credit union that has fallen into administration have been reassured that their savings are safe.

The administrators were called in at the Mercat Cross and The Bruce Credit Union earlier this month.

The organisation has ceased trading from its premises in Broad Street, Stirling, but the 126 members of the scheme will receive any money invested shortly.

Dina Devalia, of administrators PKF Geoffrey Martin & Co, said: “All of Mercat’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.”

Chief executive of FSCS Caroline Rainbird said: “FSCS is here to protect the members of Mercat Cross and The Bruce Credit Union Ltd and we are ready to help them to get back on track.

“All members of the credit union need to know their money is safe. No one needs to worry or to do anything as they should receive their money within a week.”

The credit union had been in operation for around 25 years and it is understood that around £100,000 will be returned to investors.