Pioneer Mutual Credit Union Limited

In Administration (“Pioneer”)

9 March 2021 – update:

The Joint Administrators are aware of member’s recent contact to advise that their FSCS cheques have not cleared. We are working closely with FSCS to resolve this matter in order to expedite members share payment as soon as possible.

Dina Devalia and James Sleight of PKF GM were appointed as Joint Administrators of Pioneer on 3 March 2021.

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).

Dina Devalia, of PKF GM, said: “All of Pioneer’s savers will have their monies 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.”

Pioneer has now ceased trading.

Don’t worry, your money is safe

You do not need to do anything to make a claim for your Pioneer savings balance with the FSCS as they will send you payment in respect of your account balances as at 2 March 2021 very soon. Should any monies be paid into Pioneer’s bank account on or after 3 March 2021 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 Pioneer 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 Pioneer’s bank account will be closed.

Loan(s) with Pioneer

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, along with their frequently asked for questions which are published alongside this notice.

For any queries please contact the Administration team at pioneer@pkfgm.co.uk or call in the first instance on 0141 881 1353 and 0141 432 1250 or alternatively 0113 244 5141.