The 498-member Basildon Credit Union Limited (FRN: 213229) has gone into administration and been declared in default by the Financial Services Compensation Scheme (FSCS).

The 18,000-member London Community Credit Union (LCCU), one of London's largest credit unions, has gone into administration and been put into default by the Financial Services Compensation Scheme (FSCS).

The Financial Conduct Authority has started criminal proceedings against four individuals for conspiracy to commit false accounting, with three facing further charges for fraud.