James Duddridge, Member of Parliament for Rochford and Southend East, spoke of his disappointment that Southend Credit Union’s has ceased trading.
James said
“I was disappointed when I found out that Southend Credit Union has recently stopped trading as a result of loans not being repaid. My family had three accounts with them, one for myself and one each for my sons. It was only a few days ago I was going to open account for newborn daughter, Mary.
I have written to the FSA to obtain an update and clarify the position of Southend’s Union and also how the customers of the Union will be receiving their money, specifically if they will be written to as a matter of course or whether they need to write to the FSA now.
I support Credit Unions but I would recommend there are more stringent guidelines for issuing funds to the customers, and also the collection of the borrowed funds.”
ENDS