Waltham Forest Council Employee Credit Union (WFCECU) -

Waltham Forest Council Employee Credit Union (WFCECU), a credit union set up in 1990 to serve workers of Waltham Forest borough council in London, entered administration on August 19, with Dina Devalia and Terri Mulgrew of Quantuma Advisory appointed joint administrators.

Also known as Forest Savers, the council has reportedly served around 675 members with access to low-interest rate loans and savings accounts through payroll deductions.

While the reasons behind its administration have yet to be revealed, the administrators are focusing on their communications with creditors, advising them that all member funds below the £85,000 limit are protected under the national Financial Services Compensation Scheme (FSCS).