Insights

Administrators appointed at Faifley Credit Union

Dina Devalia and James Sleight of PKF Geoffrey Martin & Co Limited have been appointed as Joint Administrators of Faifley Credit Union Limited in Clydebank.

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

Dina Devalia, Joint Administrator of PKF Geoffrey Martin & Co Limited, said: “Faifley members do not need to worry as all of their money is safe – no members will lose out as 100% of their members share deposits will be returned by the FSCS.

“You do not need to do anything to get your money back – anyone with a deposit with Faifley should look out for a cheque in the post from the FSCS in the next few days.

 “We are now focused on working with the FSCS to ensure that all members receive their money back as soon as possible.  This may take a little longer than usual due to the Coronavirus restrictions, but rest assured that we are doing all we can to make the process as efficient as it can be in the current circumstances.

 “We will also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayment queries.”

Additional information is available in the ‘Frequently Asked Questions‘ document that we have prepared.

 Please contact the Administrators’ team by email at faifleycu@geoffreymartin.co.uk, or call  0141 432 1128  or 0113 244 5141.