UK Agency Moves to Repay Savers As Lender Collapses

Law360, London (February 15, 2018, 12:13 PM GMT) -- The U.K.’s Financial Services Compensation Scheme has stepped in to protect the depositors of Essex Savers, a financial cooperative that was declared in default on Wednesday, with an expected total payout of £1.7 million ($2.4 million).

The FSCS — a statutory fund that compensates depositors of failed financial institutions — said late Wednesday that it would compensate “the vast majority of members” of Essex Savers net Credit Union Ltd. within seven days by sending out payments automatically using the credit union’s records.

Holders of accounts of...
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