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.