FSCS steps in as Forest Savers enters administration

Waltham Forest Council Employee Credit Union (WFCECU) – trading as Forest Savers – has entered administration and stopped trading.

Quantuma Advisory’s Dina Devalia and Terri Mulgrew have been appointed as joint administrators, a press release from the FCA announced.

WFCECU is a member-owned financial co-operative regulated by the FCA and the Prudential Regulation Authority.

As such, the Financial Services Compensation Scheme has said it will return members’ money within seven working days from when WFCECU was declared in default, on 19 August (yesterday).

Members are being advised not to cancel any loan repayments, as the loan agreement remains in place and repayments need to be made as originally contracted.

Future loan repayments will be managed by the joint administrators, who will provide the administration bank account details as soon as they can.

Members who made payments covering both loans and savings will be advised by the joint administrators on the amount to pay each month to avoid falling into arrears.