Icesave-please help/advice!!!!

shaz77_2

fatpig wrote: »

I have it on good authority that the Martians (the big Green Men) are invading the Earth next week so it's probably best to worry about that instead

If I am ever asked to provide an example of what it means for a comment to come back and bite the individual who said it on the backside, I will use the quote above.

nilrem_2

northern5 wrote: »

i know they're busy .. but i wish they would say when and how!

Someone mentioned that Gordon Brown has hinted at six weeks.

shaz77_2

nilrem wrote: »

Someone mentioned that Gordon Brown has hinted at six weeks.

6 weeks at most, it will probably be shorter however.

Richard_Cocks

It'll be before the next byelection that's for sure

dkmax_2

v6g wrote: »

- Any potential IceSave customer who did their "due diligence" and consulted the FSA register via their website would have found the phrase "EEA Authorised". Yet, there is no explanation of what this means. Anyone doing their homework would reasonably assume (by lack of any further information) that "EEA Authorised" means "100% safe"

Why would anyone think EEA Authorised means 100% safe? No bank is ever declared 100% safe no matter where it is based.

As for EEA authorised it is clearly described here;

http://feecalc.fsa.gov.uk/Help/FirmOptions.html

[B]EEA Authorised[/B]

 An [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/I?definition=G526"]incoming EEA[/URL] (European Economic Area) firm which is conducting regulated activities in the UK under a [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/B?definition=G99"]BCD[/URL], [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/I?definition=G1346"]IMD[/URL], [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/I?definition=G604"]ISD[/URL], [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/U?definition=G1199"]UCITS Directive[/URL], [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/T?definition=G1171"]third life directive[/URL][URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/T?definition=G1172"]third non-life directive[/URL] passport can either be: and[LIST]
[*]an EEA Branch - EEA firm authorised by its home state regulator but has a branch in the UK;
or
[*]an EEA Service - EEA firm authorised by its home regulator but operating on a cross-border services basis only.[/LIST][URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/I?definition=G526"]Incoming EEA[/URL] authorised firms are not required to participate in the [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/C?definition=G194"]FSCS[/URL] in relation to their passported activities. As such they are not required to enter any [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/C?definition=G194"]FSCS[/URL] tariff data or pay any [URL="http://fsahandbook.info/FSA/glossary-html/handbook/Glossary/C?definition=G194"]FSCS[/URL] levies unless they undertake insurance activities in the UK.

john5001

Just one serious question:-

Where do we put the money we get back?? Play it safe? I can see why most would do this now.

theboyjb

v6g wrote: »

Some important points that haven't been mentioned in the 40+ pages of comments:

Snipped in order to save space on the internet.

However, I just thought I would say that this is the most relevant, best considered post I have seen on this topic. You're clearly a) a lawyer and b) a good one.

Best of luck. :money:

Debt_Free_Chick

v6g wrote: »

Any potential IceSave customer who did their "due diligence" and consulted the FSA register via their website would have found the phrase "EEA Authorised". Yet, there is no explanation of what this means. Anyone doing their homework would reasonably assume (by lack of any further information) that "EEA Authorised" means "100% safe" when it actually means the opposite. I challenge anyone to look up IceSave on the FSA Register (and it's still registered at the time of this posting) and find an explanation of "EEA Authorised" on the FSA register website.

It's on the front page of the Register

"The FSA Register has information on all authorised firms currently doing business in the UK. The Register includes firms that are UK authorised as well as those authorised in another European Economic Area (EEA) state that also conduct business in the UK.

UK consumers considering or currently doing business with a firm authorised in another EEA state should ask for further information from the firm or its UK branch about its complaints and compensation arrangements. This is because the position may differ compared to a UK authorised firm. "

Optimist

All compensation for Icesave customers is being handled by the UK authority, The Financial Services Compensation Scheme.
This body should, over the next few weeks, contact all British customers and ask if they think they are entitled to compensation. They will soon have your details; you should not need to contact the organisation.
It is likely to enclose a relatively simple form that you will need to fill in. You will need proof of your customer account number and how much money was in your account when the bank collapsed.
For this, you will need to log onto Icesave's website – which is still operating, even though the bank has stopped all transactions – and print off your latest balance.
The good news is that the Treasury has stepped in to guarantee all savers' money – regardless of how much they had in their accounts. The Treasury has also promised to cover any shortfall that may arise from the Icelandic authorities being unable to fund their bit of the compensation scheme.
It is unclear, however, whether money held in Cash ISAs – tax-free accounts – will keep their tax-free status when the money is repaid. It is likely that they will be, as the Government made sure Northern Rock customers did not lose their tax breaks when they withdrew money from the bank.
Whether savings will carry on earning interest over the coming weeks, is far less clear. Do not get your hopes up.
The Financial Services Compensation Scheme can be contacted by calling 0845 7300131 or by visiting www.fscs.org.uk/consumer


http://www.telegraph.co.uk/finance/financetopics/financialcrisis/3160539/Icesave-collapse-What-customers-should-do-to-get-their-money-back.html

northern5

Optimist wrote: »

All compensation for Icesave customers is being handled by the UK authority, The Financial Services Compensation Scheme.
This body should, over the next few weeks, contact all British customers and ask if they think they are entitled to compensation. They will soon have your details; you should not need to contact the organisation.
It is likely to enclose a relatively simple form that you will need to fill in. You will need proof of your customer account number and how much money was in your account when the bank collapsed.
For this, you will need to log onto Icesave's website – which is still operating, even though the bank has stopped all transactions – and print off your latest balance.
The good news is that the Treasury has stepped in to guarantee all savers' money – regardless of how much they had in their accounts. The Treasury has also promised to cover any shortfall that may arise from the Icelandic authorities being unable to fund their bit of the compensation scheme.
It is unclear, however, whether money held in Cash ISAs – tax-free accounts – will keep their tax-free status when the money is repaid. It is likely that they will be, as the Government made sure Northern Rock customers did not lose their tax breaks when they withdrew money from the bank.
Whether savings will carry on earning interest over the coming weeks, is far less clear. Do not get your hopes up.

We've already been told we're not going to loose a penny, or loose the tax status of the ISAs so I wouldn't worry. And when they say we're not going to loose a penny, I don't think I'm unreasonable to think that is going to include interest payments too