What makes a credit union different from pension providers?
Credit unions, unlike traditional pension providers or investment firms, are member-owned financial co-operatives. They are designed to serve the financial needs of their members by providing, usually a defined local community or workplace group, rather than generate profits.
Credit unions typically provide savings accounts and small, low-interest loans Unlike pension providers, they don’t deal in investment markets or manage complex retirement funds. Credit unions are also regulated by both the Financial Conduct Authority (FCA) and the Prudential Regulation Authority (PRA), and members’ savings are protected up to £85,000 through the Financial Services Compensation Scheme (FSCS), just like with banks and building societies.
So while a credit union doesn’t provide pensions, it may hold savings that individuals intend to use for retirement or similar long-term goals. If you lost money due to a credit union’s collapse, the FSCS can offer compensation, just as it does with failed pension or investment firms.
Why are clients claiming compensation against Basildon Credit Union Limited?
When a credit union fails, members can lose access to their savings. In such cases, the FSCS steps in to provide compensation of up to £85,000 per individual. Basildon Credit Union Limited was declared in default, triggering the FSCS to begin repaying eligible members.
If you were a member and had funds deposited in this credit union, you may qualify for full compensation depending on your individual circumstances.
Background
- Incorporation Date: 19 July 1994
- FCA Authorisation Date: 1 December 2001
- FCA Firm Reference Number: 213612
- Status: In liquidation and declared in default by the FSCS
- Typical Complaints: Loss of savings due to credit union failure
Who was involved?
Credit unions are typically managed by a board of volunteers or appointed officers. Individuals responsible for running Basildon Credit Union Limited during its operation would have been listed as directors or board members, though specific names are not typically listed in the FCA Register for credit unions.
How can we help?
Our team specialises in FSCS claims. Whether your losses came from a failed investment firm or a collapsed credit union, we’ll handle the claims process on your behalf and aim to recover the full amount you’re owed.
How does it work?
We begin with a free consultation. If you’re eligible, we’ll gather supporting documentation, prepare your claim, and submit it to the FSCS. Our No Win No Fee approach means you don’t pay unless we’re successful.
Seek Claim Advice Today
Even if you’ve already been contacted by the FSCS, you may still have unresolved claims or be eligible for further compensation.
Call 0800 041 8358 for a phone or video consultation with one of our claim specialists.
NB: Information for this page was gathered on 07/05/2025 from the FSCS, FCA Register, and Companies House, and is accurate to the best of our knowledge as of that date.
