Important information about compensation arrangements

We are a member of the Financial Services Compensation Scheme (FSCS). The FSCS will pay compensation to depositors if a credit union is unable to meet its financial obligations.

Your eligible deposits with us are protected up to a total of £85,000 by the Financial Services Compensation Scheme, the UK’s deposit protection scheme. The official regulatory statement of compensation arrangements from the FSCS is set out below.

Suits Me Cards are NOT covered by the FSCS. The Suits Me Mastercard^® is issued by IDT Financial Services Limited, which is a regulated bank, licensed by the Gibraltar Financial Services Commission. IDT Financial Services Limited will ensure that any funds received by you are held in a segregated account so that should IDT Financial Services Limited become insolvent your funds will be protected against claims made by their creditors. See Suits Me Terms and Conditions.

For further information about the FSCS, including the amounts covered and eligibility to claim, please refer to the FSCS website (www.fscs.org.uk) or call 0800 678 1100.

Important Information about compensation arrangements from the FSCS

Lewisham Plus Credit Union Limited is covered by the Financial Services Compensation Scheme (FSCS). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors – including most individuals and small businesses – are covered by the scheme. In respect of deposits, an eligible depositor is entitled to claim up to £85,000. For joint accounts each account holder is treated as having a claim in respect of their share so, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £85,000 each (making a total of £170,000). The £85,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union including their share of any joint account and not to each separate account. For further information about the scheme (including the amounts covered and eligibility to claim) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call 0800 678 1100

A copy of the FSCS online leaflet is available here

FSCS Information Sheet

Unfortunately, scams and fraud remain prevalant and we would urge all our members to take adequate precautions.  Further information can be found on the Action Fraud website run by the Police and Cifas, a not for profit fraud prevention organisation.