PKF Geoffrey Martin pair appointed as Glasgow credit union goes under

The Financial Services Compensation Scheme (“FSCS”) has also declared the credit union in default, which means that all savers monies are protected.

GMPCUL has now ceased trading but administrators said they expect to pay £3.4m to all customers within seven days of the credit union’s failure.

Dina Devalia, of PKF Geoffrey Martin & Co, said: “All of GMPCUL’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”

Savers have been told that they do not need to do anything to make a claim with the FSCS for their GMPCUL savings balance, as they will be sent payment in respect to account balances as at 11 March 2019 “very soon”.

For monies paid info GMPCUL’s bank account after 11 March 2019 until the account is closed where the saver is the intended recipient, a return of funds request form will need to be completed and will be issued by post by the Joint Administrators.

Savers have been advised to contact DWP or any other government offices that handle benefits and provide new account details for another account that can receive payments.

Customers have also be advised that payments on loans will have to continue until fully paid off.

Administrators added that they intend to shortly to provide the Administration bank account details in order that payee details can be changed as matter of urgency.