Strathkelvin Credit Union announces Quantuma as administrators
Financial cooperative, Strathkelvin Credit Union (SCU), has appointed Dina Devalia, Simon Bonney, and Ian Wright, all managing directors at business advisory firm Quantuma, as joint administrators.
Based in Dunbartonshire, the credit union, founded in January 1996, acts as a financial cooperative offering its members financial security through saving and borrowing. In 2019 SCU recorded a turnover of £86k.
SCU is a deposit taking financial institution which is dual regulated by PRA and FCA, entered administration on 22nd February 2022, as a result of regulatory breaches rendering the firm insolvent.
All members funds, below the £85k limit, will be protected and repaid in full by FSCS. All SCU loan members will be required to continue repaying their loans in this the administration.
Dina Devalia, managing director at Quantuma, said:“Strathkelvin Credit Union members don’t need to worry as all of their money is safe – 100% of members’ deposits will be returned by the FSCS. We are working with the FSCS to ensure that all members receive their money back as soon as possible. We’ll also be on hand by email or phone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefits payments.”