Financial Services Compensation Scheme

Members of the National Fire Savers Credit Union are covered by the Financial Services Compensation Scheme (FSCS). The FSCS is able to pay compensation to depositors if a credit union cannot meet its financial obligations. Most depositors - including most individuals as well as small businesses - are protected by the scheme.

Regarding deposits, an authorised depositor is entitled to claim up to £75,000. For joint accounts each account member is treated as having a claim in respect of their share. So for a joint account held by two eligible depositors, the maximum amount of £75,000 each could be claimed (making a total of £150,000). The £75,000 limit refers to the collective amount in all the eligible depositors’ accounts with the credit union, counting their share of any joint account, and not to each separate account.

For more information about the scheme (e.g. the amounts covered and entitlement to claim) please contact us, phone them on 0800 678 1100 or visit their website at www.fscs.org.uk.