Credit Unions in Northern Ireland are covered by the Financial Services Compensation Scheme. This scheme is backed by the government. This is a scheme that can provide compensation to shareholders and depositors if a credit union is forced to go out of business. It covers deposits held with banks, building societies, and credit unions. Please visit: www.fscs.org.uk for further information.
In addition to this, the Savings Protection Scheme (SPS) owned and operated by the Irish League of Credit Unions is available to proactively intervene to protect members’ savings by making available financial assistance to help any credit union which may experience difficulties.
Also, members’ savings are insured through Life Savings Insurance (subject to certain terms and conditions). For more details, visit the Insurance section.