A declaration of default means the FSCS
is satisfied a firm is unable to pay claims for compensation made against it.
Customers of firms that are declared by FSCS
to have failed before April 1 2019 will be covered up to the previous PS50,000 limit.
For operational units to be successful, they depend on the support provided by brigade support battalions (BSBs) through their FSCs
. The support the operational units receive permits them to concentrate on their missions with minimal distractions.
Using the credit union's records, FSCS
expects to make payments totalling nearly PS500,000 to nearly all 3,128 customers.
Ms Devalia said: "All of South Tyneside Credit Union's savers will have their balances returned by the FSCS
was set up to protect consumers when a financial services firms go bust.
Protection: Not covered by our FSCS
but comes under the Swedish Deposit Insurance Scheme, offering protection on up to 100,000 Euros.
Based on the findings, the FSCS
estimates that some people are paying as much as PS2,000 extra a year because they prefer not to wait.
The Financial Conduct Authority (FCA) has launched a consultation on possible changes to the Financial Services Compensation Scheme (FSCS
has returned balances to the vast majority of 2,864 members of the credit union, sending them a cheque for amounts over PS1,000, or money orders for below that figure, cashable at any post office.
Just below this are easy access accounts from Virgin Money at 1.26 per cent, and Shawbrook Bank at 1.25 per cent, both of which are covered by the FSCS
, which protects up to PS75,000 per person should a bank go bust.
Using credit union records, the FSCS
will automatically send out payments or information.