Founded in July 2002, the credit union is based in Ladywood, Birmingham and acts as a financial cooperative, offering its members financial security through saving and borrowing. In 2020 it recorded a turnover of £105k.
The Birmingham Inner Circle Community Credit Union entered administration due to regulatory and solvency issues on 26th September 2022. The credit union’s one site will permanently close in the next month.
All members funds, below the £85k limit, will be protected and repaid in full by the Financial Services Compensation Scheme (FSCS). All loan members will be required to continue repaying their loans in this administration, in line with the loan agreement.
The administration team will be on hand to assist any members who need support and FAQs with a list of useful contacts have now been published on the FSCS website.
Dina Devalia, managing director and expert on credit union administrations at Quantuma, said: “Members of the Birmingham Inner Circle Community Credit Union don’t need to worry. Their money is safe and the FSCS will return 100 per cent of members’ deposits.
We are working closely with the FSCS to ensure that all members receive their money back as soon as possible. We’ll also be on hand on site, 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.”
