-Loans and Savings Abertawe Credit Union (LASA) has closed down
Members of Red Kite Savings and Loans are not affected
Red Kite Credit Union understands that Loans and Savings Abertawe Credit Union (LASA) has ceased operation and closed down. The reason for this is not known. LASA used the Trading name My Community Bank Wales and this name has been used in extensive publicity and may have caused concern as giving no specific locality information.
LASA operated mainly in the city of Swansea and The Gower but also claimed to 'offer services in all of Wales except Cardiff and Vale of Glamorgan'. As such it was on the southern border of the common bond of Red Kite Savings and Loans and also of Brecon and District Credit Union Ltd.
Members of Red Kite Savings and Loans are assured that this closure of LASA has no effect on the operation of Red Kite Savings and Loans, which is an entirely independent financial services company regulated, as are all UK credit unions, as indicated below, or on the safety of savings with Red Kite Savings and Loans, which are fully 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 LASA should receive their compensation within a week, which you can read here