London Community Credit Union Limited (LCCU) is now in default, and the FSCS expects to compensate members with around £15.4 million.
The credit union had branches in Stratford and Hackney. Two branches had previously closed in Bethnal Green and Poplar.
Most of the 18,335 members will receive their compensation within seven working days.
Sarah Marin, chief customer officer at the FSCS, said: “We want to reassure customers of London Community Credit Union that their money is safe.
“FSCS protects people’s savings up to £85,000 and we’re committed to making sure customers can access their money and get back on track as quickly as possible when a credit union goes out of business.”
Members with a registered email address can request their payment via cheque or direct bank transfer through the FSCS Payments Portal.
Those unable to use the portal will automatically receive a cheque within seven working days.
Members who believe they have money in an LCCU account but have not been contacted by FSCS should reach out to the joint administrators, James Sleight and Stratford Hamilton of PKF Littlejohn Advisory Limited.
For more information on FSCS protection and the Payments Portal, visit the FSCS website.
Questions regarding LCCU should be directed to the joint administrators at Third Floor, One Park Row, Leeds, LS15 5HN.
