A question that is often asked about credit unions – are my savings safe?
With the City of Plymouth Credit Union, the short answer is “Yes”. Like all credit unions, and banks and building societies as well, savings are protected the Financial Services Compensation Scheme (FSCS) (click here for more information). It’s all part of the mandatory regulatory regime introduced by central government when the old Financial Services Authority was split into the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), a part of the Bank of England, in 2013. The FCA then set up the FSCS as an independent organisation to guarantee consumer’s savings in the event of a financial company failing.
And don’t forget about our free Life Insurance, available to all our members.