Articles on: Saving

Are my savings safe?

Central Liverpool Credit Union is a member of the **Financial Services Compensation Scheme** (FSCS).

FSCS can pay compensation to depositors if Central Liverpool Credit Union is unable to meet its financial obligations. Depositors, including most individuals and small businesses, are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share. Therefore, a joint account held by two eligible depositors, means the maximum amount that could be claimed is £85,000 each (making a total of £170,000 maximum payment for protected deposits).

The £85,000 limit relates to the combined amount in all the eligible depositor’s accounts with Central Liverpool Credit Union, including their share of any joint account.

For further information about the scheme (including the amounts covered and eligibility to claim) please contact us or refer to the FSCS website. You can also call 020 7892 7300 or 0800 678 1100.

In addition to the Financial Services Compensation Scheme:

Each credit union officer is fidelity bonded. Soin the improbable event that somone committed fraud insurance would compensate the Credit Union for any losses.
Money received is properly recorded and lodged immediately
Full financial statements are prepared and can be examined by members
Finances are independently audited by both an Internal Audit Team and an External Auditor
Credit unions are authorised and regulated by the Prudential Regulation Authority and Financial Conduct Authority

Updated on: 22/11/2021

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