6Towns Credit Union enters administration

The Financial Services Compensation Scheme has said it’s stepping in and will be returning members’ money within seven days from when the union defaulted.  

Based in the midlands, the union was set up in 2004 and provides services for those people living and working in Sandwell, Worcestershire and South Birmingham. The range of services it provides include savings and loan facilities, as well as the provision for a current account.

Other services include a landlords facility to ensure that tenants’ rent payments are made on time which serves to protect tenancies. This service is available to both social landlords and those in the private sector.