Icesave-please help/advice!!!!

Plasticman · 15 October 2008 at 10:24PM

barberboy wrote: »

Ive already asked this but i am still unclear.
Is the first 16k guaranteed definetly by our compensation scheme definetly?

Gordon Brown has promised that everything will be covered - either by our compensation scheme of by the Icelandic one. If the Icelandic scheme is able to pay then they may cover it, otherwise the British scheme will pick up the bill.

barberboy · 15 October 2008 at 10:29PM

thank you and thank you

:beer:

Rumbelow · 16 October 2008 at 11:53AM

Hi,

This is all my fault. I wrote this article for Moneyfacts that you are referring to!

When I said "should receive" what I meant was that under the set-up of the compensation scheme arrangements, UK savers with Icesave would normally have had to claim with the Icelandic Authorities for the first €20,887, and then claim separately with the FSCS for the remainder, up to the limit of £50k.

However, Alistair Darling has stepped in and said that the UK's FSCS will guarantee all savings due to these exceptional circumstances. It's not yet clear that savers will only have to complete one compensation form and deal only with the FSCS. However, early indications are that this is what the UK Authorities are trying to achieve.

As soon as we get an update from the Treasury I'll update the Moneyfacts blog accordingly. And, I'll endeavour to write in simple, plain English next time!

Thanks for the feedback on this and it's great that its found its way onto the Moneysavingexpert forums.

The other thing I've done is to create an "are my savings safe calculator" to help people work out how to get the best savings rates whilst ensuring that their savings are spread across different banking licences so you get the maximum protection of £50k per person, per institution.

Hope you don't mind me putting the link to the calculator here, just thought it would be useful and I would appreciate everyone's feedback in terms of whether it's of any use at all.

http://www.moneyfacts.co.uk/community/blogs/rumbels/archive/2008/09/30/are-your-savings-safe-calculator.aspx

Thanks again,
Stephen

innovate · 16 October 2008 at 12:11PM

Rumbelow wrote: »

Hope you don't mind me putting the link to the calculator here, just thought it would be useful and I would appreciate everyone's feedback in terms of whether it's of any use at all.

I am afraid, I think someone will mind because you are breaking the site's Terms and Conditions by posting links to your own website.

EagerLearner · 16 October 2008 at 1:25PM

I guess I am 50/50 on that one - if FSCS came on here and started to link to useful pages that may help Moneysavers I doubt mods would mind? This savings calculator *may* be useful, however I am fully aware that Moneyfacts may eventually make commission on any best-buy account sign-ups... hmmm, we'll have to see of the post gets deleted or is allowed to stay...

Rumbelow · 16 October 2008 at 2:08PM

Just to clarify - Moneyfacts doesn't make any commissions directly from this spreadsheet. It is designed primarily to help educate people in terms of how to get the best savings rates and protect your savings. If people go to our best buy charts and apply for savings accounts then we would earn commission.

If you want to remove the link that's no problem. Didn't mean to breach the Ts and Cs, was just keen to provide clarity on our Icesave article which has been referenced and discussed here, and introduce something I thought might be useful.

Thanks,
Stephen

LGG_2 · 16 October 2008 at 2:59PM

Hi,

This is all my fault. I wrote this article for Moneyfacts that you are referring to!

hi can you confirm then that you spoke to the FSCS and they said that compensation forms will be sent out by the end of this week (17th) as some are saying what you wrote was old info and in other words there is no news and we dont know when forms will be sent out and for the ball to start rolling

Rumbelow · 16 October 2008 at 4:35PM

Hi,

We use a number of sources when compiling our news, and in the instance of Icesave this did consist of both the FSCS and HM Treasury. We were originally told by the FSCS at the beginning of the week that customers affected by Icesave's collapse would be able to find out on Friday (17th) about how to reclaim their savings and that they should receive a letter from them the following week setting out the exact process to follow.

I have just spoken to the FSCS this afternoon and the latest situation is that they don't yet have an exact date when the compensation forms will be sent out, but the FSCS will contact people affected directly. They remain hopeful that customers will only have to deal with the FSCS and will have some firm news by close of business tomorrow (Friday 17th).

Hope that helps.

Optimist · 16 October 2008 at 5:02PM

Once again if you haven't got copies of your account do so now as it would seem some accounts have disappeared

http://www.telegraph.co.uk/finance/personalfinance/savings/3210500/Icesave-accounts-disappear-from-website.html

murphydavid · 16 October 2008 at 5:23PM

Rumbelow wrote: »

Hi,
I have just spoken to the FSCS this afternoon and the latest situation is that they don't yet have an exact date when the compensation forms will be sent out, but the FSCS will contact people affected directly. They remain hopeful that customers will only have to deal with the FSCS and will have some firm news by close of business tomorrow (Friday 17th).

Forms? why do they need forms?
I thought that the FSCS was using their web site
http://www.fscs.org.uk/consumer/
to keep Icesave retail customers informed.
Their last post was on 11 October and infers that Iceland and the FSCS are combining their resources to make a payout.
If they have now given out other information to an individual on the phone then
1. How much effort is it for them to post that information for everyone?
2. If they have Icesave's records (which they must have to accurately assess claims) they should just pay out. It is distinctly devious (and work creating) to go down the route of making people fill in forms then assesses it then pay out when they already know what is owed and to whome. The forms can't be asking what the customers want done with their money because we all have linked accounts to put it in. So what are they for?
I wonder if the person you spoke to was just saying things off the top of their head because I would like to think that the FSCS would do things a bit more formally than giving information to some people and not others.

Icesave-please help/advice!!!!

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