Icesave-please help/advice!!!!

vishy01234

Fella - I have £12,500 with Icesave in an easy access ISA (note the ironic title) - are you saying that I might not get that back if I had to make a claim?

campins

The compensation angle of all this turmoil is very interesting bt what about the inconvenience of not being able to get your money If you need it!:eek: :mad: Kaupthing edge.....Which way to Natwest mate???....:shocked:

vishy01234

I feel sick

reduceditem

DigitalJedi wrote: »

From Skynews

Can anyone confirm if the last sentence is true? Ie. if the Icelandic guarantee fails to refund us then the FSCS kicks in? If so I think a lot of people like me would at least get some reassurance.

The amount covered will depend on the exact time the bank entered administration (if it has). The first 20k euros should be covered by the Icelandic scheme. The FSA will cover the rest but how much depends on above.

Browntrout_2

DigitalJedi wrote: »

From Skynews
Can anyone confirm if the last sentence is true? Ie. if the Icelandic guarantee fails to refund us then the FSCS kicks in? If so I think a lot of people like me would at least get some reassurance.

It is quite a categorical statement to me so reads true.

I do not think the FCSC has ever failed to compensate, it is described as follows;

The Financial Services Compensation Scheme (FSCS) is the UK's statutory fund of last resort for customers of authorised financial services firms. This means that FSCS can pay compensation if a firm is unable, or likely to be unable, to pay claims against it. FSCS is an independent body, set up under the Financial Services and Markets Act 2000 (FSMA). Our service is free to consumers.

http://www.fscs.org.uk/

lindabea

I don't know if anyone else posted this, but I just been reading that Icesave have suspended their internet access. They're not allowing any deposits or witdrawals. This may be temporary. I feel sorry for all those people who put money with Icesave. Hope none of you would lose out.

Fella

vishy01234 wrote: »

Fella - I have £12,500 with Icesave in an easy access ISA (note the ironic title) - are you saying that I might not get that back if I had to make a claim?

That's what we're trying to ascertain. The breaking news on Sky suggests that if the passport scheme did go busto the FSCS would cover EVERYTHING - if true then everyone with <The FSCS guarantee can relax.

vishy01234

It is such a joke ... what is the point of having an Icelandic compensation scheme to reassure customers, and then when the customers need it they are unable to pay out. I know this has not happened, but the mere fact we are talking about the possibility of it means it's a crock of **** ...

BTW, thanks for the reply Fella.

ceebeeby

Is he above having a flamin giraffe!!!!

EagerLearner

http://news.bbc.co.uk/1/hi/business/7656387.stm

"Claims from Icesave's UK customers will be handled by the Financial Services Compensation Scheme (FSCS).
Under the depositor protection arrangements in Iceland and the UK, the Icelandic authorities will be liable for the first 20,887 euros (£16,300) of compensation.

The UK's FCSC will pay out the rest of the claims, up to the newly introduced ceiling of £50,000 per person. A spokesman for the FSCS said however that UK customers of Icesave will not have to make two separate claims and that it would probably handle all UK claims on one form.
We are working with the Icelandic authorities to confirm the procedure," a spokesman said.
"We are gearing up to be ready to do whatever we can in order to get compensation back to UK savers as quickly as possible," he added. "