Credit union with thousands of customers goes bust
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A LONDON-BASED union has gone bust, leaving 17,000 members without access to their accounts - but savers will get their cash back. The London Community Credit Union (LCCU), which served members across several London boroughs, was placed into administration on January 22.
![[Senior man reviewing bills and using a calculator.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/img_9509-JS963500129.jpg?strip=all&w=960)
Joint administrators James Sleight and Stratford Hamilton of PKF Littlejohn Advisory Limited have now taken charge, confirming the co-operative has ceased trading. Fortunately, there’s no need for members to panic, as protection under the Financial Services Compensation Scheme (FSCS) means everyone gets their savings back.
![[A hand using a London Community Credit Union Mastercard debit card at a point-of-sale terminal.]](https://www.thesun.co.uk/wp-content/uploads/2025/01/FB-Share.jpg?strip=all&w=960)
All accounts, up to the £85,000 limit per individual, are fully protected. Savers will receive their money automatically within seven working days of the closure date. Most members will get an email from FSCS explaining how to request their payment, which can be sent via cheque or bank transfer.
Those without email access don’t need to worry – a cheque will be sent to their registered address without them having to lift a finger. LCCU was a financial co-operative helping people in boroughs like Hackney, Tower Hamlets, and Islington save and borrow money.
Its sudden closure will come as a blow to the local community, but administrators have stressed that support is available for anyone with questions. For members who make regular payments such as salaries, benefits, or rent into their accounts, there’s advice on how to set up new arrangements.
