Kensington-based credit union enters administration
A Kensington-based credit union has entered administration after experiencing financial difficulties.
K&C Credit Union Limited (which traded as ‘Your Credit Union’) is a not-for-profit financial co-operative that provided ethical banking services to anybody living, working, volunteering or studying in the Borough of Kensington and Chelsea and nearby areas.
Services included access to affordable credit, and a secure place for individuals to save money.
Your Credit Union was owned and controlled by approximately 1,200 members, with investments totalling approximately £700,000.
After experiencing financial difficulties, the firm was placed into administration on October 9, 2018, with Kevin Murphy, Jason Maloney and Bai Cham from restructuring and insolvency firm CVR Global LLP appointed as joint administrators.
Following the appointment, Kevin Murphy emphasised that savers will be compensated in full.
He said: “Every member of the K&C Credit Union will get their money back in full within the next seven days, as they are protected by the Financial Services Compensation Scheme (FSCS).
“FSCS has confirmed this process is automatic, so members do not need to act to get their money back.”
He added that members who had taken out loans from the credit union should continue making repayments as normal.
Fiona Archbold, interim CEO of Your Credit Union commented:
“It is with very great regret that we have had to take the decision to close Your Credit Union.
“We have been providing a valuable service for people in Kensington and Chelsea and have many loyal members who have supported us over this period. It is deeply upsetting that we will be no longer able to offer our services.
“We have had financial difficulties for some time and despite the best endeavours of all concerned we have run out of time to meet our regulatory requirements.”
This was posted in Bdaily's Members' News section by Matt Joyce .