Rainbow Saver Anglia Credit Union Limited – In Administration (“RSACU”)

James Sleight and Peter Hart of PKF GM were appointed as Joint Administrators of RSACU on 18 May 2022.

The Financial Services Compensation Scheme (“FSCS”) has also declared the credit union in default, which means that all savers monies are protected and will receive their funds (up to the limit of £85,000 per individual).

James Sleight, of PKF GM, said: “All of RSACU’s savers will have their balance returned by the FSCS. They don’t need to do anything to get their money back; savers should look out for a letter in the post from the FSCS in the next few days.”

RSACU has now ceased trading.

Don’t worry, your money is safe

You do not need to do anything to make a claim for your RSACU savings balance with the FSCS as they will send you payment in respect of your account balances as at 17 May 2022 very soon. Should any monies be paid into RSACU’s bank account on or after 18 May 2022 until the account is closed where you are the intended recipient you will need to complete a return of funds request form which will be issued to you by post shortly by the Joint Administrators.

Your benefits, salary or other regular deposits into your RSACU’s account

You need to contact DWP or any other government offices that handle your benefits and give them new account details for another account in your name. If you do not have an account with any other bank or credit union, you will need to set one up immediately as RSACU’s bank account will be closed.

Loan(s) with RSACU

You need to continue to make your contractual repayments on your loan(s) until fully paid off.

You should cancel any direct debits or standing orders you currently have in place in relation to your savings and contact the office (numbers published below) to obtain the new Administration bank details to set up a standing order to resume your contractual loan(s) repayments. 

For further information

The FSCS has further information available on its website:

 (https://www.fscs.org.uk/making-a-claim/failed-firms/rainbow-saver-anglia/),

 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 on 01502 630 120 or email rsacu@pkfgm.co.uk, alternatively please call 0113 244 5141.

Tel +44 (0) 113 244 5141 · info@pkfgm.co.uk · www.pkfgm.co.uk                                                                                              
PKF GM · 3^rd Floor · One Park Row · Leeds · LS1 5HN

PKF GM is the trading name of PKF Geoffrey Martin & Co Limited, registered as a limited company in England and Wales number 08867423. Registered office 15 Westferry Circus, Canary Wharf, London E14 4HD. PKF Geoffrey Martin & Co Limited is a subsidiary of PKF Littlejohn LLP, a member of the PKF International Limited network of legally independent firms and does not accept any responsibility or liability for the actions or inactions on the part of any other individual member firm or firms. Unless otherwise stated Licensed Insolvency Practitioners are authorised in the United Kingdom by the Insolvency Practitioners Association and when acting as Administrators or Receivers do so without personal liability.

Details of our office locations can be found at www.pkfgm.co.uk