Icesave/Kaupthing - is Martin to blame?

Caudle

I don't think the word "blame" is helpful here. Martin has done his best to find high interest accounts.

Nevertheless, how many of us UK savers would have put money into any Icelandic bank without seeing the advice given on this site? Very very few, I would have thought.

Martin will, I am sure, take responsibility for pointing us in a particular direction. No doubt he will think long and hard, in the future, about recommending foreign banks especially ones which don't have full FSCS protection. Yes there are caveats about Icesave etc, but people tend to read the rate of interest and no further!

Martin has had, in a sense, his fingers burned a bit by this experience but he doesn't have a crystal ball and it should be salutary for us all.

isofa

Good grief, where do I start!

Presumably these people would be the first to laud acclaim on Martin for earning extra interest, but because something, out of ALL our controls has happened, he must be automatically to blame.

No one could have predicted this rapid meltdown, some of the best financial whizz kids in the world are unemployed from Lehmans and other organisations!

These accounts have been regularly touted as the best buys in all newspapers, many websites including this one.

And... at present, no one has yet lost a penny, sure the accounts are frozen, and it's up in the air to what will happen, but no one yet has lost anything.

If you want proper financial advice, you go and see and IFA, if you are foolish to read one article and act on it, then really there is no hope for you.

Oh and I have a locked in fixed term at Icesave maturing next year and still a deposit with KE - should anyone wonder!

Jamie_A_G

South_Bound wrote: »

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

Personally, I don't think you can blame anyone but yourself , it is called advice for a reason. (Speaking generally South Bound - not specifically aimed at you;) )

Caudle

sure the accounts are frozen

Well that is almost as distressing as losing the money altogether. Money you can't get at is money you don't have.

No compensation scheme is going to step in - even if the accounts are frozen for months!

itsnever2lateisit?

buyerbeware wrote: »

How much has Martin Lewis made as an affiliate for Kaupthing Edge?

What does that have to do with Icesave?

Strange question for a 'virgin' poster, or do you have another handle here?

South_Bound

Speaking generally South Bound - not specifically aimed at you

lol

How much has Martin Lewis made as an affiliate for Kaupthing Edge?

Who cares? He started a website, we all logged on and read what was on it. End of story. You don't like it, stop reading or go and start your own.

isofa

Caudle wrote: »

Well that is almost as distressing as losing the money altogether. Money you can't get at is money you don't have.
No compensation schme is going to step in - even if the acoounts are frozen for months!

The accounts won't be frozen for months, that is ridiculous.

Freezing the accounts stopped a further mass withdrawal, I presume so the government and Landsbanki could stabalise the situation. This improves greatly the chances of the bank returning to a functioning one. So you and I can hopefully access our money.

I disagree, "Money you can't get at is money you don't have" nonsense. I've fixed term accounts I can't access for a year, but it's still my money.

chairman_miaow

Jamie_A_G wrote: »

Personally, I don't think you can blame anyone but yourself , it is called advice for a reason. (Speaking generally South Bound - not specifically aimed at you;) )

I would presume there was a large amount of sarcasm in South Bound's post...

...at least I hope there was !

DelBoyPhil

buyerbeware wrote: »

How much has Martin Lewis made as an affiliate for Kaupthing Edge?

I would also like to hear that and i dont think he is to blame but I think he should learn from this.

EVERYTIME he spoke on the radio he said about this company when talking about savings etc and he did tell people they are protected but a different rule.

My guess is that as martin is a well know figure a lot of people would have taken his advise and i hope to god no one putmore then £50k in the bank or they stand to lose.

altocumulus

This site is not the only place where Icesave was/is classed as a 'best buy' ... Blaming Martin is despicable and somewhat cowardly ...