James Sleight and Stratford Hamilton of PKF Littlejohn Advisory were appointed as Joint Administrators of London Community Credit Union on 22 January 2025, whose membership covers residents and employees who live, work or study in the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest or the City of London.
LCCU’s Regulatory bodies have also declared the Credit Union in default, which means that savers are entitled to receive their deposits back (up to the limit of £85,000 per individual).
James Sleight, the Joint Administrator said: “While this is of course hugely disappointing news for the members and the local community, I want to reassure all of LCCU’s members that their money is safe and they do not need to worry. All of their savings deposits will be returned to them by the FSCS. Members do not need to take any action to receive their savings balance and will receive information from the FSCS either by email or by post on how they can access this. We will also be writing to all members shortly with further information.
“If you have savings at the Credit Union, you don’t need to do anything to get your money back. Those members who registered their email address with LCCU are likely to receive an email from no-reply@payments.fscs.org.uk providing guidance on how to access the FSCS portal and choose their preferred method of payment. This portal will be open for a limited period of time until 4pm Sunday 26 January 2025 and members are advised to check their emails immediately and follow the instructions.
“For those members who do not receive an email, cannot access or who do not wish to use the portal the FSCS will send you payment via cheque to the address LCCU held on its records for you.
“In addition, a small number of customers will instead receive a letter to get cash over the counter at the Post Office. To get your payment, take this letter to any Post Office counter with personal identification, as outlined in the FSCS letter.
“In all events where you have not arranged for payment through the portal, the FSCS will contact you by post in an unmarked envelope.”
James says that PKF Littlejohn Advisory will also be writing to all members shortly to explain the position and provide further details, which will also include information for those members who have a loan with the Credit Union and what happens next.
“We’ll be available by email or telephone to assist members with any queries that they may have on issues such as loan repayments or setting up new accounts for benefit receipts. Members should also access LCCU’s website for regular updates and other useful information.”
Please contact the Joint Administrators’ team in the first instance on 020 7729 9218 and 020 7189 1379 or alternatively contact the Joint Administrators’ office on 0113 541 7890 or email lccu@pkf-l.com. LCCU’s website can be accessed at https://londoncu.com.
If contact details are missing for members who still have money in their Credit Union accounts, the FSCS will not be able to issue cheques to these members immediately. Anyone who has not updated any recent change of address with the Credit Union is advised to download a Change of Address form from LCCU’s website and the return it the Administrators as directed on the form as soon as possible.
The FSCS also has further information available on its website at: London Community Credit Union – latest customer information | FSCS
