Compensation Schemes

spot_of_tiffin

So it seems some of us may have to make a claim and even if we don't then this may be a useful discussion anyway

Does anyone here have knowledge or experience of how the compensation schemes work?

• Is it the same for all countries
• Do the FSCS handle UK depositors for scheme run by other countries
• Do they contact us or we them
• When do we do contact them
• A rough idea of time scale
• Any other pitfalls such as loss of tax exemption on ISAs

Just curious when I may see my money again

IT_nerd

I remember either reading 30 days or 90 days as a timescale. I think it was on the icesave site at one point.

dunstonh

Does anyone here have knowledge or experience of how the compensation schemes work?

The only time it has had to pay out for a bank was B&B and no consumers had to make a claim as it was handled at corporate level virtually overnight.

So, there is no telling what processes will be required as its clear that the Govt is willing to bypass those when it wants to. Wait and see is probably the best thing to do at the moment.

occamsrazor

My gut feeling, despite all the panic, is that it is unlikely that any UK savers with Icelandic banks will have to make claims under any schemes, and that the most likely outcome will be some sort deal reached at a government or bank level...

altocumulus

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