The FSCS aims to compensate most of the 2,348 members of the Plymouth-based credit union within seven days.

The compensation body will send each member a cheque for their balance automatically.

The FSCS says it has stepped in to protect the members of credit union which has stopped trading and is now in default.

The FSCS expects the total compensation for City of Plymouth Credit Union to be around £1.2m.

The credit union is the third to be declared in default this year.

Strathkelvin Credit Union Limited in Glasgow and north-east Wales’ All Flintshire Credit Union were declared in default by the FSCS in the first quarter of this year.

Any questions about City of Plymouth Credit Union Limited can be directed to the administrators, James Sleight and Peter Hart of PKF Geoffrey Martin & Co Limited.

They can be contacted by telephone on 01752 477410 or 01752 201329, or alternatively on 0113 244 5141.  They can also be contacted by email at This email address is being protected from spambots. You need JavaScript enabled to view it.. Any post should be addressed to PKF Geoffrey Martin & Co Limited, 3rd Floor, One Park Row, Leeds, LS1 5HN.