Failed credit union savers rescued
The 400 savers who put cash in the Wantsum Credit Union are being rescued by the Financial Services Compensation Scheme. The members of the union, which is based in Kent, had a total of around £100,000 saved. The union was declared in default yesterday, and the FSCS said the majority of savers should have their money back within seven days. Those with under £1,000 will be able to take it as cash from a Post Office. Those with more will receive a cheque.