St Albans District

Credit Union

Community Savings and Loans since 2002

Tel: 01727 859135

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St Albans District Credit Union is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority

  


  © St Albans District Credit Union 2011

135 Hatfield Road, St Albans, Hertfordshire, AL1 4JX

Tel 01727 859135   office@stadcu.org   www.stadcu.org


FINANCIAL SERVICES COMPENSATION SCHEME - INFORMATION SHEET

































Additional information.


1 Scheme responsible for the protection of your eligible deposit


Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your credit union should occur, your eligible deposits would be repaid up to £75,000 by the Deposit Guarantee Scheme.

2 General limit of protection


If a covered deposit is unavailable because the credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum £75,000 per credit union. This means that all eligible deposits at the same credit union are added up in order to determine the coverage level. If, for instance a depositor holds two savings accounts totalling £80,000, he or she will only be repaid £75,000.


In some cases eligible deposits which are categorised as “temporary high balances” are protected above £75,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including:


  1. certain transactions relating to the depositor’s current or prospective only or main residence or dwelling;
  2. a death, or the depositor’s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity;
  3. the payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction.


More information can be obtained under http://www.fscs.org.uk


3   Limit of protection for joint accounts


In case of joint accounts, the limit of £75,000 applies to each depositor.


However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of £75,000.


Reimbursement


The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: 0800 678 1100 or 020 7741 4100, Email: ICT@fscs.org.uk. It will repay your eligible deposits (up to £75,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply.


Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or t cover necessary business expenses (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation.


In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply.


If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under http://www.fscs.org.uk.


Other important information


In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the credit union shall also confirm this on the statement of account.



January 2016




FINANCIAL SERVICES COMPENSATION SCHEME - EXCLUSIONS LIST



A deposit is excluded from protection if:


  1. The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union.


  1. The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering.


  1. It is a deposit made by a depositor which is one of the following:



January 2016.  The following are deposits, categories of deposits or other instruments which will no longer be protected from

3 July 2015:




For further information about exclusions, refer to the FSCS website at www.fscs.org.



Basic information about the protection of your eligible deposits

 Eligible deposits in St Albans District Credit Union are protected by:

The Financial Services Compensation Scheme (“FSCS”)1

Limit of protection:

£75,000 per depositor per credit union 2

 If you have more eligible deposits at this credit union:

  All your eligible deposits at the same credit union are “aggregated”

 and the total is subject to the limit of £75,000.2

 If you have a joint account with other person(s):

 The limit of £75,000 applies to each depositor separately.3

 Reimbursement period in case of the credit union’s failure:

 20 working days4

 Currency of reimbursement:

Pound sterling (GBP, £)  

 To contact St Albans District Credit Union for enquiries  relating to your account:

St Albans District Credit Union

135 Hatfield Road, St Albans, AL1 4JX

Tel: 01727 859135. Email: office@stadcu.org

To contact the FSCS for further information on

 compensation:

 Financial Services Compensation Scheme

10th Floor Beaufort House,15 St Botolph Street,

 London, EC3A 7QU

 Tel: 0800 678 1100 or 020 7741 4100

 Email: ICT@fscs.org.uk


 More information

  http://www.fscs.org.uk

Acknowledgement of receipt by the depositor:

  Signed                                                                Date: