West Wales Credit Union has closed down
Members of Red Kite Credit Union are not affected
Red Kite Credit Union understands that West Wales Credit Union Ltd (WWCU) has ceased operation and closed down. The reason for this is not known.
WWCU operated in Ceredigion, Carmarthenshire and Pembrokeshire, probably overlapping with some other credit unions. As such it was on the western border of the common bond of Red Kite Credit Union.
Members of Red Kite Credit Union are assured that this closure of WWCU has no effect on the operation of Red Kite Credit Union, which is an entirely independent company regulated, as are all UK credit unions, as indicated below, or on the safety of savings with Red Kite Credit Union, which are protected by the Financial Services Compensation Scheme (FSCS), subject to eligibility criteria on each individual account.
The FSCS has put out a statement explaining that most members of WWCU should receive their compensation within a week, which you can read here