North East Scotland Credit Union (Nescu) has gone into administration. The administrator has confirmed that the credit union had ceased trading and is not expected to re-open. Nescu had some 2600 members.

Anyone who has savings with Nescu is guaranteed to have their funds returned. All of the credit union’s savers will have their balances returned by the Financial Services Compensation Scheme (FSCS). Savers should look out for a letter in the post from the FSCS in the next few days.