London Community Credit Union is part of the Financial Services Compensation Scheme (FSCS).
The Financial Services Compensation Scheme is a free service that protects your money should anything happen to us.
It is a common scheme that protects deposits in the majority of UK banks, building societies and credit unions
The FSCS can pay compensation to depositors if we are unable to meet our 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.