Savings Protection

Security
Credit union members can rest easy in the assurance that their savings are safe. Credit Unions in Ireland, which are affiliated to the Irish League of Credit Unions, are secured in several ways:

  • All officials of credit unions, whether volunteers or staff, must be fidelity bonded.
  • Members savings within certain limits are insured through Life Savings Insurance.
  • All monies received in the credit union are properly recorded and lodged regularly.
  • Full financial statements are prepared and can be examined by members.
  • Annual independently audited returns are lodged with the relevant authority, FCA/PRA.

 

Financial Services Compensation Scheme

From 31 March 2012, when authorisation and regulation of Portadown Credit Union passed to the Financial Services Authority, our member’s shares became eligible for protection under the Financial Services Compensation Scheme (FSCS).

Your eligible deposits are now protected up to a total of £85,000.00 by the FSCS, the UK’s deposit protection scheme.

The FSCS is a statutory compensation fund at last resort for members of an authorised credit union (or customers of any authorised financial service firm) in the unlikely event that the credit union (or financial service firm) stops trading or is declared in default.

The maximum amount protected under the FSCS is £85,000 per member. Any deposits you hold above the £85,000 limit will not be covered. Further information is available at www.fscs.org.uk.

Insurance on Savings

Find out more about Insurance on Savings