London Community Credit Union placed into administration and ceases trading
London Community Credit Union (LCCU), a financial cooperative which served over 17,000 members throughout the UK capital, has entered administration and ceased trading.

London Community Credit Union enters administration
James Sleight and Stratford Hamilton of PFK Littlejohn Advisory were appointed as joint administrators of the credit union on 22 January.
A note on the LCCU website says that the credit union’s regulatory bodies – the Prudential Regulation Authority (PRA) and Financial Conduct Authority (FCA) – declared LCCU “in default”. As a result, all consumer accounts will be closed and any deposits formerly held by LCCU will be returned to members via the Financial Services Compensation Scheme (FSCS).
In a statement posted to LCCU’s website, Sleight says: “We want to reassure all of LCCU’s members that their money is safe and they do not need to worry. All of their savings deposits will be returned to them by the FSCS.”
“Members do not need to take any action to receive their savings balance and will receive information from the FSCS either by email or by post,” Sleight continues. “We will also be writing to all members shortly with further information.”
Of LCCU’s four branches in London, two have already closed, with the remaining two set to shut their doors “within the next six weeks or sooner depending upon the progress of the Administration”, the statement confirms. Members are being asked to visit these remaining branches only “where absolutely necessary”.
LCCU had served the London boroughs of Hackney, Haringey, Islington, Newham, Tower Hamlets, Waltham Forest and the City of London since first being established in 2000, and offered savings accounts, loans and current accounts.