London Community Credit Union Limited – In Administration (“LCCU”)
James Sleight and Stratford Hamilton of PKF Littlejohn Advisory Limited (“PKF Littlejohn Advisory”) were appointed as Joint Administrators of LCCU on 22 January 2025.
LCCU’s Regulatory bodies have also declared the Credit Union in default, which means that savers are entitled to receive their deposits back as all savers’ monies are protected (up to the limit of £85,000 per individual). The refund of monies will be conducted and issued by the Financial Services Compensation Scheme Limited (“FSCS”).
James Sleight, of PKF Littlejohn Advisory, said: “We want to reassure all of LCCU’s members that their money is safe and they do not need to worry. All of their savings deposits will be returned to them by the FSCS. Members do not need to take any action to receive their savings balance and will receive information from the FSCS either by email or by post. We will also be writing to all members shortly with further information” .
Don’t worry, your money is safe
If you had an up to date email registered with LCCU, you may receive an email from the FSCS inviting you to access the FSCS Payments Portal. The email will be from no-reply@payments.fscs.org.uk. Please disregard any emails about the FSCS Payments Portal sent from any other email address as they may be fraudulent.
The email will provide instructions on how to access the FSCS Payments Portal (“the Portal”). Here you can request your payment via direct bank transfer to an alternative UK account registered in your name, or via cheque sent to the address that LCCU held for you. If you request bank transfer, the money will be transferred to your account within 2 – 5 working days. If you request cheque, this will be sent to the address the firm held for you within 7 working days.
The Portal will only remain open for a limited amount of time (until 4pm Sunday 26 January 2025) so members are advised to check their email inboxes as soon as possible.
If you have received an email from the FSCS inviting you to access the Portal but you are unable to access the Portal for any reason, you do not complete your payment request before the Portal closes or you choose not to access the Portal,
you do not need to contact the FSCS.
The FSCS will send you your payment via cheque to the address LCCU held on its records for you. This will be sent to you by post in an unmarked envelope.
For additional information about the FSCS Payments Portal, please see the FSCS’s website: https://www.fscs.org.uk/what-we-cover/banks-building-societies/
If you haven’t received a Portal invite email from the FSCS but you had an account with LCCU
, please don’t worry, you don’t need to do anything.
It’s likely that LCCU didn’t hold a valid email address for you. You don’t need to contact the FSCS. The FSCS will send you your payment via cheque to the address LCCU held on its records for you. This will be sent to you by post in an unmarked envelope within seven days from the date of default.
Where it has been agreed suitable, a small number of customers will instead receive a letter to get cash over the counter at the Post Office. To receive payment, take the FSCS letter you have received to any Post Office counter, along with one item from column A and one item from column B below for personal identification purposes:
Column A (one of these) AND Column B (one of these)
Valid passport TV licence
Valid driving licence Government department letter
National identity card Local authority letter
UK armed forces card Utility bill (less than 3 months old)
UK police warrant card Bank statement (less than 3 months old)
Birth certificate
Please make sure you are safe when collecting your money.
In all events where you have not arranged for payment of your savings balance through the Portal, the FSCS will contact you by post in an unmarked envelope.
Members should be aware that where contact details are missing for members who still have money in their LCCU accounts the FSCS will not be able to issue payments to these members immediately. If members have not updated any recent change of address with LCCU they are advised to make contact as soon as possible. Please contact changeofaddress-lccu@pkf-l.com
If you have an account with London Community Credit Union Limited but have not received either a payment from the FSCS or a letter from the Joint Administrators within 7 days of appointment being 29 January 2025, please contact the Administrators’ team directly in the first instance by e-mail to lccu@pkf-l.com or alternatively by telephone on 020 7729 9218 or 020 7189 1379, or alternatively call 0113 541 7890.
LCCU has now ceased trading.
Should any monies be paid into LCCU’s bank accounts on or after 22 January 2025 until the accounts are closed, likely within 4 weeks, where you are the intended recipient these will be forwarded subject to any instruction/mandate you have previously issued to LCCU. In relation to all other sums received, a “Return of funds request form” must be completed and returned to the Joint Administrators to enable the funds to be forwarded to you by LCCU in Administration. This form can be accessed on this website.
Your benefits, salary or other regular deposits into your LCCU’s account
Please note that all of LCCU’s bank accounts will be closed approximately four weeks from the date of the Joint Administrators’ appointment, namely on or before 19 February 2025. Therefore, it is important that you need to contact, as soon as possible, the DWP (or any other government offices that handle your benefits) and any other party who regularly pays money into your account, such as your employer, and provide them with new account details for another bank account in your name. If you do not have an account with any other bank, building society or credit union, you will need to set one up as a matter of urgency.
You will also need to cancel any Standing Orders (including government benefit payments, regular savings transfers or contact your employer for your wages or deductions) depositing monies into your LCCU savings account as soon as possible.
Loan(s) with LCCU
You need to continue to make your contractual repayments on your loan(s) until fully paid off. The contractual terms of your loan will remain as exactly as agreed with LCCU including the accruing interest rate applied.
You should cancel any direct debits or standing orders you currently have in place in relation to your loan repayments and contact LCCU’s or the Joint Administrators’ office on the numbers published to obtain the new Administration bank account details to set up a standing order to resume your contractual loan repayments.
Visiting LCCU’s branches
MEMBER NOTICE
Please note that all of LCCU’s branches are now closed.
Should members require assistance over and above the information contained on this website they should email their queries to the Administrators’ team at lccu@pkf-l.com or call 020 7729 9218, 020 7189 1379 or finally 0113 541 7890.
For further information
The FSCS has further information available on its website at:-
https://www.fscs.org.uk/making-a-claim/failed-firms/london-community-cu/ along with their frequently asked for questions which are published alongside this notice.
For any queries please contact the Administration team in the first instance by email to lccu@pkf-l.com or please call on 020 7729 9218 or 020 7189 1379, or alternatively call 0113 541 7890.
Warning about scams
There are a number of parties, some who may claim to be acting on my behalf, who may seek to extract money from you, for example to facilitate payment of your savings pay-out by the FSCS, Return of Funds monies due to you, a dividend or enable the return of goods. This will be a scam. I would never ask for payment for such purposes. I am a qualified Insolvency Practitioner licensed to act by a recognised professional body in relation to this matter. I would ask that, if you become aware of (or suspect) such a scam, you contact my office in order that I might consider what, if any, action might be appropriate.
Please note however, that the Joint Administrators’ team and LCCU’s staff, may contact you by telephone, email, post or text to assist you with the return of your savings or in relation to any outstanding loan you may have with LCCU. At all times such communications will be authenticated by member account references and you will be asked to verify yourself in accordance with LCCU’s security protocols i.e. provision of date of birth etc.