On Friday 13 March 2015 I was appointed Administrator of Haven Credit Union Limited, a credit unions that operates in and around Milford Haven in Pembrokeshire.
On or around 18 March, all adult and child savers, with the exception of Child Trust Funds savers, should have received a letter or a cheque from the Financial Services Compensation Scheme to repay their savings. Savers were able to get their money back so very quickly largely due to the very hard work of one member of staff at the Credit Union – Kath, your efforts are much appreciated, thank you so very much.
This is the second credit union over which I’ve been appointed, in both cases because efforts to merge with other credit unions proved unsuccessful and the regulator’s solvency targets were not met, such that the credit unions were effectively told in no uncertain terms by the regulator to ‘close down the credit union through a formal insolvency process or we will’. This meant that both credit unions had to be put into a formal insolvency process despite the fact they had enjoyed, and continued to enjoy until the end, fantastic support from a committed team of hard working, loyal, staff, volunteers and directors. For me, it’s a tragedy that all your hard work over 20 plus years should come to this. I hope that the way that I am conducting my role somehow makes your experience of the process less painful for you and your members – I believe that credit union ‘insolvencies’ carry their own ‘problem areas’ where tact, diplomacy and prior experience of how to work with the regulators, members and board, make a huge difference in the outcome – they are unlike any other formal insolvency, this isn’t ‘failure’ as you’d know it in normal limited company terms.
If you are a saver and for some reason have not yet seen your savings reimbursed by the FSCS, say because you’ve moved address and not told the credit union, please email my colleague Angela – firstname.lastname@example.org – or call me or Angela on our freephone 0800 231 5788. We will get your money to you, don’t worry, it is safe. If you are a Child Trust Funds saver, I’m working hard to explore your options – your money will be transferred to another provider of your choice, you cannot simply have a cheque like the other savers – I will be in touch imminently.