Waltham Forest Council Employee Credit Union (WFCECU), trading as Forest Savers, has entered administration and has now stopped trading, the Financial Conduct Authority (FCA) has announced.
Dina Devalia and Terri Mulgrew of Quantuma Advisory Limited have been appointed as joint administrators.
WFCECU is a financial co-operative owned by its members, and is regulated by the FCA and the Prudential Regulation Authority (PRA).
The Financial Services Compensation Scheme (FSCS) is stepping in to protect members and will return members’ money within seven working day of when WFCECU was declared in default on 19 August 2025.
The regulator has told members not to cancel any repayments, as the loan agreement remains in place and repayments need to be made as originally contracted.
Future loan repayments will be managed by the joint administrators, who will provide the administration bank account details as soon as they can.
Latest News
-
Annual house price growth climbs to 3.7% – ONS
-
Inflation rises to 3.8% in July
-
OSB Group oversees net loan growth in H1
-
Closing financial confidence gap could ‘unlock’ £137bn for retail investments
-
£10bn of mortgages in HLPartnership’s network to mature in 2026
-
IHT changes will ‘create confusion’ in Bank of Mum and Dad gifting – Key
The new episode of The Mortgage Insider podcast, out now
Regional housing markets now matter more than ever. While London and the Southeast still tend to dominate the headlines from a house price and affordability perspective, much of the growth in rental yields and buyer demand is coming from other parts of the UK.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
In this episode of the Barclays Mortgage Insider Podcast, host Phil Spencer is joined by Lucian Cook, Head of Research at Savills, and Ross Jones, founder of Home Financial and Evolve Commercial Finance.
Air and the role of later-life lending
Content editor at MoneyAge, Dan McGrath, spoke to the chief executive officer at Air, Will Hale, about the later-life lending industry, the importance of tailored advice and how technology and obligations have shaped the sector.
Helping the credit challenged get mortgage ready
A rising number of borrowers are finding it harder to access mortgages due to being credit challenged - whether that’s from historic debts, a county court judgment, or having little to no credit history.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
In the latest episode of the Mortgage Insider podcast, Phil Spencer is joined by Eloise Hall, Head of National Accounts at Kensington Mortgages, and Alastair Douglas, CEO of TotallyMoney.
The future of the bridging industry and the Autumn Budget
MoneyAge content editor, Dan McGrath, is joined by head of marketing at Black & White Bridging, Matt Horton, to discuss the bridging industry, the impact of the Autumn Budget and what the future holds for the sector.
© 2019 Perspective Publishing Privacy & Cookies
Recent Stories