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On 17 March 2025 Basildon Credit Union Limited (BCU) entered administration and has now stopped trading. Dina Devalia and Michael Kiely, both of Quantuma Advisory Limited, have been appointed as administrators.
BCU is a financial co-operative owned by its members. It is regulated by the Prudential Regulation Authority (PRA) and the FCA under Firm Reference Number (FRN) 213229 as a deposit-taker.The Financial Services Compensation Scheme (FSCS) is stepping in to protect members and will return members’ money within 7 working days from when BCU was declared in default (17 March 2025).Who to contactMembers who would like more information about receiving their money can contact the FSCS by:Email: enquiries@fscs.org.ukPhone: 0800 678 1100 or 020 7741 4100. Lines are open Monday to Friday from 9.00am to 5.00pmYou can also view the FSCS's FAQs on their website.Members who make or receive regular payments from their account (like salary, rent or benefits) or want to discuss their accounts can contact the administrators by:Email: BCU@quantuma.comPhone: 07469 278 739 or 020 3856 6720Members who hold loans with BCU should continue to make the contractual repayments of their loan(s) until fully repaid. The contractual terms of the loan(s) will remain as exactly as agreed with BCU. Failure to do so could result in your credit score being affected.Guidance is available on the BCU website and the administrators’ website.Members can also view the administrators’ FAQs. Being alert to scamsIf you were a member of BCU, it is possible that the administrators, Dina Devalia and Michael Kiely of Quantuma Advisory Limited, a member of their team, the FSCS or the credit union may contact you. Should this happen, these parties will follow appropriate security protocols to provide assurance that the call is genuine. Should you have any concerns about the legitimacy of the call, please end the call and contact the relevant party directly using the contact details above. See more on how to protect yourself from the most common types of scams.
https://www.fca.org.uk/news/news-sto...administration