“Members may have seen press coverage of Croydon Council’s financial situation. Some members have expressed concern about the security of the money held in their share accounts in these circumstances. We are providing this statement to reassure members.
As a Credit Union, Croydon, Merton and Sutton Credit Union (trading as Croydon Plus) is a separate legal entity from the Council. This means that there is no risk to members’ funds from any action that may be taken by the Council.
Croydon Plus is currently solvent with reserves above the level required by the Prudential Regulation Authority. We have no reason to expect any change to this situation in future. In the unlikely event of future insolvency members’ funds would be protected by the Financial Services Compensation Scheme.”