Icesave/Kaupthing - is Martin to blame?

holloholloway

Caudle wrote: »

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.

I wonder if martin banks with icesave? I doubt it yet he has recommended it in the best buy tables for months. He shouldn't be holding his head high. If it wasn't for this site i wouldn't have invested in icesave. fact. I am fuming.

Caudle

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

I was speaking more generally than about the Icesave situation.

The worst of the financial meltdown may be yet to come - a "you ain't seen nothing yet" situation. You cannot rule out the possibility of a long freeze.

Then point is that no compensation scheme can help if funds are frozen, for whatever length of time. So we have to look beyond the FSCS cover - which of course is itself hardly tried and tested!

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.

As I have said Martin has to bear a share of the responsibility. No doubt about that.

But he did not hold a gun to our heads either.

Jamie_A_G

DelBoyPhil wrote: »

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.

I guess it is hard, you give good advice and you're a hero, you give advice that was good (a considerable amount of people have made money form this) and then it goes wrong through no fault of your own - you get blamed. He spoke about it because it was a great rate and to be fair he always qualified it with note on the risks. Anything beyound that is up to you.

itsnever2lateisit?

As an aside I am watching Paul Lewis on BBC news right now, through his program on BBC Radio 4 "MoneyBox Live" he also extolled Icesave as a best buy, now as a BBC Journo I doubt he was allow to gain financially.


BTW Martin, is he your grandad?:D

Cloudane

buyerbeware wrote: »

What are the rules regarding virgin posters?

They must be sacrificed as a symbol of faith to the FSCS, so that those who have Saved may be given what they are due.



Just to check the rules, I think, and [STRIKE]don't break them[/STRIKE] don't get caught. Welcome

South_Bound

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

Anyway, KE are not the issue, no-one investing under £50k can be worse off than investing with a UK bank.

Your question should be 'how much has he made out of ICESAVE?'

I still don't care what the answer is, but we should be accurate if we are going to ask questions totally irrelevant to the situation.

chairman_miaow

DelBoyPhil wrote: »

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

Learn what exactly ? Not to give advice ?

cjs1892

I wonder if martin banks with icesave? I doubt it yet he has recommended it in the best buy tables for months. He shouldn't be holding his head high. If it wasn't for this site i wouldn't have invested in icesave. fact. I am fuming. Today 4:30 PM

Total and utter conjecture. Holloholloway - how about you take responsibility for your own actions rather than looking for a scapegoat? What is it with people who seem determined to blame everyone and anyone other than themselves for their own decisions?

Or are you telling us that you are so lacking in wit you have to blindly do what you are advised to do by someone you didn't know on the Internet rather than actually bothering to find out for yourself. All information was available on this website, on the FSCS website - and even on Icesave's website.

I have £17k in Icesave. I took that decision based on the facts and the prevailing market situation at the time. I will stand or fall on my decision. So should you.

South_Bound

As I have said Martin has to bear a share of the responsibility.

I just don't get this at all. For the record, MY decision to invest with ICESAVE was MY decision. I signed the cheque, I agreed to the ICESAVE T&C and I was happy to take 7.2% (or whatever).

I still fancy a tenner that the bank will be OK and I will leave the dosh there until next year!

itsnever2lateisit?

South_Bound wrote: »

I just don't get this at all. For the record, MY decision to invest with ICESAVE was MY decision. I signed the cheque, I agreed to the ICESAVE T&C and I was happy to take 7.2% (or whatever).

I still fancy a tenner that the bank will be OK and I will leave the dosh there until next year!

Best post on this thread:T