Cheltenham-based SPA Credit Union Limited was declared in default on 18th February after the FSCS was satisfied it could not afford to repay deposits to its members.
Mark Oakes, Head of Communications, said: “FSCS is protecting SPA Credit Union Limited members. We’re here for you and are ready to help.
“If you have up to £75,000 of savings (£150,000 for joint accounts), it’s good to know that your money is safe.”
The FSCS has helped 4.5 million people since its inception in 2001 and paid out over £26bn in compensation.
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