FSCS Scheme
Is my Money Safe
Deposits made by private individuals to credit unions, including London Plus Credit Union, are protected by the Financial Services Compensation Scheme (FSCS), the UK’s deposit protection scheme.
We want you to fully understand how your money is protected by the FSCS.
Important information about compensation arrangements
- Limit of protection: £85,000 per depositor per bank/building society/credit union.
- If you have more eligible deposits with us, all your eligible deposit at the are “aggregated” and the total subject to the limit of £85,000.
- If you have a joint account with other person(s): The limit of £85,000 applies to each depositor separately.
- Reimbursement period in case of London Plus Credit Union failure: 20 working days4.
- Currency of reimbursement: Pound sterling (GBP, £).
- To contact FSCS for further information on compensation: Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU. Or you can telephone 0800 678 1100 or 020 7741 4100, or you can email them on ICT@fscs.org.uk.
4 It will repay your eligible deposits (up to £85,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.
Exclusions
A deposit is excluded from protection if:
(1) The holder and any beneficial owner of the deposit have never been identified in accordance with money
laundering requirements. For further information, contact your bank, bank building society or credit union.
(2) The deposit arises out of transactions in connection with which there has been a criminal conviction for money
laundering.
(3) It is a deposit made by a depositor which is one of the following:
• credit institution
• financial institution
• investment firm
• insurance undertaking
• reinsurance undertaking
• collective investment undertaking
• pension or retirement fund
• public authority, other than a small local authority.
(4) It is a deposit of a credit union to which the credit union itself is entitled.
(5) It is a deposit which can only be proven by a financial instrument2 unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which existed in the UK, Gibraltar or a Member State of the EU on 2 July 2014).
(6) It is a deposit of a collective investment scheme which qualifies as a small company.
(7) It is a deposit of an overseas financial services institution which qualifies as a small company.
(8) It is a deposit of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company5 refer to the FSCS for further information on this category.
(9) It is not held by an establishment of a bank, building society or credit union in the UK or, in the case of a bank or building society incorporated in the UK, it is not held by an establishment in Gibraltar.
For further information about exclusions, refer to the attached leaflet or the FSCS website at www.fscs.org.uk
*Download FSCS PDF for our Information and exclusions or for further information, please visit https://www.fscs.org.uk
