Birmingham-based credit union collapses into administration
The Birmingham Inner Circle Community Credit Union has entered administration following regulatory breaches under the PRA/FCA prudential and conduct rules and solvency issues.
Based in Ladywood, Birmingham, the financial cooperative offered its members financial security through saving and borrowing. In 2020 it recorded a turnover of £105k.
It’s one site will permanently close in the next month and one job will be lost.
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.
Dina Devalia and James Varney of business advisory firm Quantuma have been appointed as joint administrators of the financial cooperative today (26th September).
The administration team says it it 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 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.”
