THE Financial Services Compensation Scheme (FSCS) has stepped in to protect members of West Wales Credit Union Limited which has stopped trading and been put in administration.

This means it cannot re-pay deposits to its 1,700 members throughout Ceredigion, Pembrokeshire and Carmarthenshire.

The FSCS will compensate the vast majority of members within seven days. The scheme will use the credit union’s records to automatically send payments out to them.

FSCS expects the total pay-out for West Wales Credit Union members will be more than £925,000.

Mark Oakes, head of communications at FSCS, said: “We are here to protect members of West Wales Credit Union Limited and we’re ready to help.

“Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within the week. The process is automatic too, so you won’t have to apply for compensation.”

People with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from the FSCS.

For holders of a Child Trust Fund account with West Wales Credit Union Limited, the process for FSCS to reimburse savings is different to that for other account holders.

Payment can only be made to an alternative Junior ISA provider rather than returned directly to the account holder. The administrators (PKF Geoffrey Martin & Co Limited) will shortly be writing to the registered holders of Child Trust Fund accounts with West Wales Credit Union with further information about this.

FSCS protects up to £85,000 of savings – double that for joint accounts. It has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation.

Any queries about West Wales Credit Union Limited can be directed to the administrators, Dina Devalia and Peter Hart of PKF Geoffrey Martin & Co Limited by post; 1 Westferry Circus, Canary Wharf, E14 4HD; telephone 0207 495 1100 or email at wwcu@geoffreymartin.co.uk.