A credit union providing banking services for people in Kensington and Chelsea has fallen into administration.
K&C Credit Union, trading as Your Credit Union, had around 1,200 members – including some residents of Grenfell Tower and £700,000 worth of investments.
The not-for-profit co-operative was launched in 2012 and targeted residents of Britain's richest borough to help others in the community.
Membership was exclusive to those living, working, volunteering or studying in the borough.
Administrators CVR Global said all members would get their money back within seven days, as they were protected by the Financial Services Compensation Scheme.
Interim chief executive Fiona Archbold said the credit union had been in financial difficulties for “some time” and had run out of time to meet regulatory requirements.
She said: “It is with great regret that we have had to take the decision to close Your Credit Union.
“We have been providing a valuable service for people in Kensington and Chelsea and have many loyal members who have supported us over this period.
“It is deeply upsetting that we will no longer be able to offer our services.”