FSCS Protection
Important information about compensation arrangements
Llanelli & District Credit Union Ltd is a member of the Financial Services Compensation Scheme (FSCS). The FSCS will pay compensation to depositors if a credit union is unable to meet its financial obligations.
Your eligible deposits with Llanelli & District Credit Union Ltd are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme.
The official regulatory statement of compensation arrangements from the FSCS is set out below.
Engage Current Accounts and Prepaid cards are NOT covered by the FSCS. Engage will however ensure that any funds received by you are held in a segregated account so that should we become insolvent your funds will be protected against claims made by our creditors.
The FSCS deposit protection limit changed to £75,000 from £85,000 on 1 January 2016 then back to £85,000 on 30th January 2017. Some changes to the details of the FSCS scheme came into effect on 3rd July 2015.
For further information about the scheme including the amounts covered and eligibility to claim, please refer to the FSCS website (www.fscs.org.uk) or call 0800 678 1100.
Important Information about compensation arrangements from the FSCS:
Llanelli & District Credit Union Ltd is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most 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. The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union including their share of any joint account and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call 0800 678 1100