have KE Terms and conditions changed?

dach

Having just read the T & C's I can't find any mention of novation
am I going senile or have they changed?

Baldur

dach wrote: »

Having just read the T & C's I can't find any mention of novation
am I going senile or have they changed?

If you look at the bottom of the PDF, it appears to be dated yesterday "Version 6.10.08"

noh

Yes they have changed.
New conditions dated 6th October no longer contain the novation clause. Also there is now no mention of Kaupthing hf.
In short they have been "deIcelandified" !
http://www.kaupthingedge.co.uk/Includes/PDF/tandcs.pdf



Nigel

coolio_2

So now they don't need to notify us to change the account to being Iceland based and therefore no longer covered by the UK compensation scheme?

jingle68

coolio wrote: »

So now they don't need to notify us to change the account to being Iceland based and therefore no longer covered by the UK compensation scheme?

I think it means that there will be no novation, therefore all KE uk deposits are fully covered ONLY under the UK compensation scheme, which is better for us savers.

noh

coolio wrote: »

So now they don't need to notify us to change the account to being Iceland based and therefore no longer covered by the UK compensation scheme?

How do you work that out?
If you read the T+Cs you will see that they state that they will give 30 days notice of variation of terms if the change of terms is to the customer disadvantage (in accordance with the banking code).
In the previous version you pre agreed to novation.
These new terms are clearly better in that respect and are in general no different to those of any other other savings I have.

Nigel

coolio_2

I thought the new T&Cs don't contain the novation?

noh

coolio wrote: »

I thought the new T&Cs don't contain the novation?

Thats correct

KingL

Coolio - you seem to have the wrong end of the stick here. The novation clause is the thing that would have allowed them to move you away from the UK protection scheme towards the icelandic protection scheme. If that clause has been removed, the protection scheme must remain under the UK scheme and you are assured of the contination of that situation. This is a good thing.

Also, this now would make the '30 days notice' discussion irrelevant.

coolio_2

Oh, thanks, I thought it meant they now didn't have to give any notice and doesn't mention it won't move back to Iceland.

backfoot

I agree it's a good thing for savers.It is probably a good thing thing for Iceland as well as they are passing the buck fully to the FSCS. to be honest that Novation thing always left me uncomfortable.

The Icesave uncertainty demonstrates that very much, regretably.