Dina Devalia and James Sleight of PKF Geoffrey Martin & Co have been appointed as Joint Administrators of Loans and Savings Abertawe (LASA) Credit Union Ltd, which trades as My Community Bank Wales.
The Financial Services Compensation Scheme (FSCS) has also declared the credit union in default, which means that savers are entitled to receive their deposits back.
Tracing its origins back to 1992, LASA serves all geographic areas of Wales excluding Cardiff and Vale.
Dina Devalia, Joint Administrator of PKF Geoffrey Martin & Co, said: “All of LASA’s savers will have their balances returned by the FSCS.
“Savers don’t need to do anything to get their money back - anyone with a deposit with the organisation should look out for a letter in the post from the FSCS in the next few days.
Anyone with a loan with LASA should continue to repay it in the usual way.
We’re now focused on working with the FSCS to ensure that all savers get their money back as soon as possible. We’ll also be on hand to assist savers with any queries that they may have on issues such as setting up new savings accounts or transferring direct debits.”
For more information, please see the FSCS website.
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