News

This is where we’ll post third sector news and important updates that are useful for your organisation.

Essex Savers net Credit Union Limited goes out of business: FSCS to protect 5,000 members

Content from FSCS


The Financial Services Compensation Scheme (FSCS) has stepped in to protect members of Essex Savers net Credit Union Limited; which has stopped trading and is now in default. This means it cannot re-pay deposits to its 5000 members.

FSCS will compensate the vast majority of members within seven days. Using the credit union’s records, FSCS will send payments out automatically.

Members with up to £1,000 in their account will receive a letter to get cash over the counter at their local Post Office. Anyone with more than this will receive a cheque for their balance direct from FSCS.

For holders of a Child Trust Fund account with Essex Savers net Credit Union Limited, the process for FSCS to reimburse savings is different to that for other account holders. Payment can only be made to an alternative Junior ISA provider. The administrators (CVR Global LLP) will shortly be writing to the registered holders of Child Trust Fund accounts with Essex Savers net Credit Union with further information about this.

FSCS protects up to £85,000 of savings per person – double that for joint accounts. It has come to the aid of more than 4.5m people since 2001, while paying out over £26bn in compensation. FSCS expects the total pay-out for Essex Savers net Credit Union members to be £1.7m.

Mark Oakes, Head of Communications at FSCS, said:

“We are here to protect members of Essex Savers net Credit Union Limited, and we’re ready to help. Your savings are protected up to £85,000, and joint accounts are covered for £170,000. You should get your money back within the week. The process is automatic too, so you won’t have to apply for compensation.”

Read more information on how FSCS helps people with current or savings accounts in banks, building societies and credit unions.

Any queries about Essex Savers net Credit Union Limited can be directed to the administrators, Kevin Murphy, Jason Maloney and Bai Cham of CVR Global LLP by post; c/o 7B Castlegate, York, YO1 9RN; telephone 01245 830520  or email at [email protected]

Notes

  • For more information on deposits protection please visit our questions and answers page.
  • Essex Savers net Credit Union Limited was declared in default on 14 February 2018 with 5,000 members.
  • FSCS is the UK’s statutory compensation scheme for customers of authorised financial services firms. FSCS is funded by the financial services industry and protects investment business, deposits, home finance (mortgage) advice, and general insurance and insurance broking. FSCS can pay for financial loss if a firm cannot pay claims against it. We are independent and do not charge individual customers for using our service.
  • Before FSCS can declare a credit union in default and pay compensation to its members, it must be satisfied the credit union cannot repay deposits because of its financial circumstances, and has no current prospect of being able to do so.

 

Author: Steering Member
Posted:
Categories: News

The GDPR

As we are all aware the GDPR General Data Protection Regulation will be taking effect on 25 May 2018. The Alliance provides a platform for all community sector organisations to get involved in the conversation, share knowledge and experiences.

The 12 step plan is a good guide to work through so that we can be prepared for the upcoming changes. You can download the full 12 step plan here.

An event that has been highlighted by Maldon CVS may be of interest to you, for all details please click here.

Essex CVS and Volunteer Essex have partnered with Russell Cooke Solicitors to offer voluntary and community organisations in Essex the opportunity to attend a legal briefing on the forthcoming changes to the law surrounding Data Protection.

The General Data Protection Regulation will come into force in May 2018 and organisations are advised to update their existing policies and procedures to ensure they remain compliant. The forthcoming changes will affect all organisations that collect or use individuals’ personal information.

Russell-Cooke is recognised as one of the leading law firms advising charities in the UK and one of their Associate Solicitors Carla Whalen will be providing a half day seminar covering the changes and their impact for not for profit organisations, the legal bases for processing data, privacy notices and the rights of individuals.

The seminar will take place at Anglia Ruskin University on the 16th January 2018, 1pm. Places are £45 per person including light refreshments. Book online at https://gdpr-update.eventbrite.co.uk

Author: Steering Member
Posted:
Categories: News

Citizens Advice Essex is a member and supporter of the Essex Alliance since its conception

Citizens Advice Essex is a member and supporter of The Alliance since its conception.

We aim to:

  • provide the advice people need for the problems they face.

The Citizens Advice Essex service offers information, advice and guidance through face-to- face, phone and digital services, with information available online via www.essexcab.org.uk or our national public website www.citizensadvice.org.uk

  • improve the policies and practices that affect people’s lives.

We’re not just here for times of crisis – we also use clients’ stories anonymously to campaign for policy changes that benefit the population as a whole. For example, we are currently campaigning for a ‘pause’ to the roll out of Universal Credit full service because of the poor experience and support experienced by claimants. Read more…

Author: Steering Member
Posted:
Categories: News