Icesave/Kaupthing - is Martin to blame?

JohnnyW_3

NOTE: Please don't reply to this thread. It's not helping anyone right now. Even if you're just posting to show Martin support. Thanks.

Treadmill

I don't think Martin is to blame, but maybe if he hadn't pimped Icesave so heavily less users of this site would now be waiting for thier money.

itsnever2lateisit?

Many sites and newspapers have all listed the Icelandic banks as 'best buys' and they probably all use a simular criteria. On a simple highest interest rate, then Icesave is for sure the 'best buy' That doesnt make it 'Best value for money' nor have any of these tables stated that they are BEST RISK.

Most of these tables are put together by Journalists, and they all without exception point out that they are NOT giving financial advise.
So if people have taken the word of a Journalist when deciding where to save their money, will they also allow their garage mechanic to undertake surgery on them in hospital?

While it is human nature to lash out and look to blame others for mistakes, it does not alter the fact that these decisions are our own, and only our own.

I have watched the value of my Stocks ISA shrink in recent weeks, that risk was explained to me when I took it out 5 years ago, and so I havent bet the farm on it, and while I would prefer that they continue to grow, I am accepting of the fact that they dont and that the decision was mine alone.

I feel for all those who are now suffering anxious times with Icesave, and sincerely hope that no one looses out in the end, and am very sorry for those that may have NEEDED their savings now, and are therefore suffering a liquidity crunch of their own

Former_MSE_Dan

Hi folks,

Martin has posted a reply to comments like this in another thread which i shall post into here. However, every mention of Icesave for the past 6 months has had a major mention of the way it is regulated, plus our Safe Savings guide is updated every time there is a change or clarification.

---

Hi folks,

If someone wants to blame me, that's their prerogative. However please there's no need to defend the issue here, its more important this thread is kept to discussing the issues. I will briefly respond here, then pls lets leave it

Icesave, is a horrible situation. For the last seven months, every note on the site that mentions Icesave has included a major mention of the fact its not protected like other banks, and an explanation of what that means, and a big link to the spread your savings guide.

My stance was, is, and will be, that we give best buys on rate and explain the protection system where it differs, so people can make their decisions.

I work very hard to give the best info possible, yet the financial world has been turned upside down.

Frankly right now its a terrible scenario, and if im honest I feel emotional about it, yet rationally I know I can hold my head up high, that unlike many blind recommendations elsewhere on the web, this site has consistently included the protection information and explained it, so people can work out the risks and decide for themselves and there was little else we could've done, even with hindsight.

At this time, I'm not going to continue the debate, my job and the sites job is to find out the info we can to try and help people and their savings. And if this thread can get back to that, it'd be great.

Martin

Financial_Novice_2

I wondered how long it would take for a thread like this to be posted. Like 31 May and holloholloway I am a Financial Novice as my name indicates. I read all the stuff on his blog and as many threads about Icelandic banks as possible then I made my own decision to save with KE (after reading their T&C).
If things go pear shaped with KE then no-one except myself is responsible that I have my money there.

Some people need to get a grip and take responsibility for their own actions and stop looking for a scapgoat.

thinkdust

I think he's to blame. I love the 'FREE OF ADS' statements on the site, yet all of his links to banks, money saving expert, go compare, confused.com, have click through rate counters, nice little earner there.

He only knows as much as the next man, he has no ties with the government, you'd get the same advice reading a column in the evening standard.

mobfant

thinkdust wrote: »

I think he's to blame. I love the 'FREE OF ADS' statements on the site, yet all of his links to banks, money saving expert, go compare, confused.com, have click through rate counters, nice little earner there.

He only knows as much as the next man, he has no ties with the government, you'd get the same advice reading a column in the evening standard.

The way the site is funded is open and publicised in an almost in-your-face manner so there's nothing wrong with all the links. It's not a charity and it's never claimed to be. And no ties to the government is a bad thing?

Cloudane

My initial thought upon hearing about Icesave was, jokingly, "that Martin Lewis has a lot to answer for!".

But seriously? Come on. Every mention of Icesave has always stressed the differences in how it's run and how it's protected - furthermore, there are plenty of disclaimers stating that nothing on the site should be taken as Financial Advice (from here on I'll refer to the site's content as 'advice', with the quotation marks, to differentiate from Advice with a capital A!).

Martin has given an incredible amount of very good 'advice' - but nobody is perfect. Humans have yet to develop the ability to see into the future.

People really should take responsibility for their own decisions and actions. It's not just this site; things like the excessive Health&Safety madness that plagues this country is all down to this attitude of pass-the-blame-upwards. "I fell over because I couldn't be bothered to follow the ladder procedure, but I'm suing the company because they should've forced me to" kind of mentality. Get a grip!

This site is all about the cheapest deals, and surely we all know that "you get what you pay for" - this is going to mean increased risk of poor cover / foot-dragging on things like insurance, it means increased risk of dodgy Customer Service, and above all - increased risk that you're taking advantage of a financially unsustainable business model. As such, anything on this site should be considered very carefully with the appropriate consideration of the risks.

Personally speaking, long-term money is extremely important and thus I would be ignoring the best deals and looking for the safest institutions, and then finding the better deals from those as purely a secondary objective. What's an extra £10/year of interest if it means the company you're banking with could go down the pan at any time...

OTOH, I bank with A&L. Some would certainly call that risky - poor online service, poor customer service, rigid fee-charging policies, possibly unsustainably high interest rates. But that's just my current account - absolute worst case scenario I lose a month's pay. That's what you call making an educated, personal decision based on the risks and rewards. Nobody should be wading in blind to someone else's 'advice', no matter how renowned the expert is.

That's not to say I don't sympathise. Good luck on the reclaims (which I'm sure will, eventually, succeed).

Former_MSE_Dan

Hi thinkdust,

Yes, any link with a * next to does help this site. However, any product that is recommended is the most MoneySaving one available for consumers, and are picked with complete editorial independence.

The following article, which fully and transparently explains our ethical financial stance is linked to from every single page on this website, and make it clear in every article we write.

http://www.moneysavingexpert.com/funding

South_Bound

So is Martin or the Evening Standard to blame? I am confused.