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Icesave FSCS comp news?

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Comments

  • meanmachine_2
    meanmachine_2 Posts: 2,624 Forumite
    Part of the Furniture Combo Breaker
    I don't think it's the case that the FSCS has "never done this before" and "doesn't even have the forms".

    It does have the infrastructure - and is there to bail out depositors of credit unions and so on.

    It's just never done it on this scale before.

    The current delays are due to these negotiations in Iceland. I should imagine the outcome will be some kind of fudge. Iceland will agree to pay a small percentage - the first 5%, say - as a goodwill gesture, and in return for the unfreezing of certain assets, then the UK will have to pick up the rest.

    According to the FSCS website, the process *can* take up to six months, but with this issue hitting the front pages, I should think it will be resolved much quicker than that.

    But who knows?!!
  • Swipe
    Swipe Posts: 5,654 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    I suppose one consolation of having to claim means being able to get your hands back on your fixed rate accounts before their maturity. I won't be taking out fixed term accounts in the future unless they come with some sort of get out clause. You never know when you may need to get your hands on the money.
  • Babycakes
    Babycakes Posts: 243 Forumite
    Part of the Furniture 100 Posts Combo Breaker
    Why can't ING or Santander take over the accounts? I would prefer that.
  • Patr100
    Patr100 Posts: 2,784 Forumite
    Part of the Furniture 1,000 Posts Name Dropper Photogenic
    They may have some kind of transfer process for ISAs etc as they have said the tax free benefits are to be preserved. I only have a savings account but as said I think they are seeing what Iceland will cough up though I expect the FSC to payout earlier rather than later and then claim. It's bad publicity for them and UK Govt if they have guaranteed but it drags on into the new year. But there are, what 300,00 accounts involved? That's a lot of paperwork to get through an online claim to our nominated accouts would be the best way but we hall have to wait and see. This might be a great opportunity for fraudsters - I bet they will try so we need all to be wary.
  • Swipe
    Swipe Posts: 5,654 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Well, there's now a rumour that Fortis is interested in taking over the Icesave deposits. I guess it means I won't get my hands on my fixed term money before maturity after all if it goes through.
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Babycakes wrote: »
    Why can't ING or Santander take over the accounts? I would prefer that.
    Because at present the accounts are just numbers on a computer system there is no cash to back them up. Someone needs to be able to guarantee the funds to a new owner.
    Also the UK authorities have no power to force the sale as icesave is a brand owned by a foreign company.
  • noh
    noh Posts: 5,817 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Swipe wrote: »
    Well, there's now a rumour that Fortis is interested in taking over the Icesave deposits. I guess it means I won't get my hands on my fixed term money before maturity after all if it goes through.

    The rumour is that Fortis would be interested in the Dutch icesave deposits.
    A seperate operation to that of the UK.
  • iamsam
    iamsam Posts: 106 Forumite
    Part of the Furniture Combo Breaker
    Swipe wrote: »
    Well, there's now a rumour that Fortis is interested in taking over the Icesave deposits. I guess it means I won't get my hands on my fixed term money before maturity after all if it goes through.
    As far as I can tell, that's just for the icesave.nl business.

    Reuters: "Fortis [...] signaled an interest in taking over Dutch retail clients of Iceland's Landsbanki"
  • Swipe
    Swipe Posts: 5,654 Forumite
    Part of the Furniture 1,000 Posts Photogenic Name Dropper
    Ah, ok. That makes sense.
  • Stompa
    Stompa Posts: 8,375 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    meanmachine wrote: »
    I don't think it's the case that the FSCS has "never done this before" and "doesn't even have the forms".

    I know we don't really know how all this will work, but it seems to me that that the simplest and quickest method for dealing with claims would be to set up some sort of online claim procedure using the existing Icesave website. For example, account holders could be asked to log in to their accounts, complete the form, which could then be automatically validated by FSCS. The use of paper forms seems a bit archaic and pointless in the circumstances.
    Stompa
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