Insights

Administrators appointed at Pioneer Mutual Credit Union Limited

Dina Devalia and  James Sleight of PKF GM have been appointed as Joint Administrators of Pioneer Mutual Credit Union Limited in Barrhead, Glasgow.

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, the Joint Administrator said: “Pioneer Mutual members don’t need to worry as all of their money is safe – 100% of members’ deposits will be returned by the FSCS.

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

“We are working with the FSCS to ensure that all members receive their money back as soon as possible.  As I’m sure you can appreciate, this may take a little longer than usual due to the Coronavirus restrictions – but we’re doing all we can to move things forward as quickly as possible in the current circumstances.

“We’ll also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”

Please contact the Administrators team in the first instance on 0141 432 1250 or 0141 881 1353  or alternatively on 0113 244 5141; or email pioneer@pkfgm.co.uk

9 March 2021 – update: The Joint Administrators are aware of member’s recent contact to advise that their FSCS cheques have not cleared. We are working closely with FSCS to resolve this matter in order to expedite members share payment as soon as possible.