Selly Oak MP comments on the liquidation of the South Birmingham Community Credit Union

Member of Parliament for Birmingham Selly Oak Steve McCabe MP has commented on the default of the South Birmingham Community Credit Union (CommuniSave) that was based in his Constituency.

Member of Parliament for Birmingham Selly Oak Steve McCabe MP has commented on the default of the South Birmingham Community Credit Union (CommuniSave) that was based in his Constituency.

Steve McCabe MP said:

“I am sad to see the collapse of the CommuniSave credit union.

“I have spoken to representatives of the Financial Services Compensation Scheme who assure me that because CommuniSave was registered and authorised by the Prudential Regulation Authority that any savings that my constituents have with the scheme will be protected and for the vast majority repayment will be made within 7 days.

“I have posted the information that I have received from the FSCS to my website for any of my constituents who are concerned about their savings and will continue to provide updates as this situation at CommuniSave develops.”

If your salary or benefits are paid into your savings account, you will need to open a new bank account as soon as possible.   You should contact your employer, benefits provider and the Department for Work and Pension (DWP) to tell them to pay your salary or benefits into your new account.

The Financial Services Compensation Scheme’s Q&As about CommuniSave can be found at: http://www.fscs.org.uk/what-we-cover/questions-and-answers/qas-about-communisave-credit-union/

If any of Mr McCabe’s constituents are concerned about their savings with CommuniSave they can contact his office on 0121 43 3878.

Share this
Copyright Steve McCabe MP Click here for a copy of this site's terms and conditions and privacy statement