The FSA requires us to tell you these words about FSCS

Our regulator, the Financial Services Authority, now requires every credit union to advise its members at least every six months about the Financial Services Compensation Scheme with fixed wording. PCU cannot amend the wording.

PCU will comply with this requirement by including the set words in each edition of its Financial Force newsletter.

Please note that PCU has been advising its members throughout about its membership of the FSCS and the implications, including raising its savings limit to a maximum of £50,000 so that every member is fully eligible for total compensation of his/her savings, in the event PCU failed.

Please note that we do not operate joint accounts.

The formal; wording is:-

We are covered by the Financial Services Compensation Scheme ( FSCS ). The FSCS can pay compensation to depositors if a credit union is unable to meet its financial obligations. Most depositors - including most individuals and small investors - are covered by the scheme.

In respect of deposits, an eligible depositor is entitled to claim up to £50,000. For joint accounts, each account holder is treated as having a claim in respect of their share. So, for a joint account held by two eligible depositors, the maximum amount that could be claimed would be £50,000 each ( making a total of £100,000 ). The £50,000 limit relates to the combined amount in all the eligible depositor's accounts with the credit union, including their share of any joint account, and not to each separate account.

For further information about the scheme ( including the amounts covered and eligibilty to claim ) please ask at your local branch, refer to the FSCS website www.fscs.org.uk or call 0800 678 1100