Martin told you Icesave had a "dodgy compensation scheme"... his comment on 4 News

earlgrey_3

Martin Lewis has just been on Ch 4 News and in answer to Jon Snow said although Icesave was in his Best Buy tables he constantly warned that it had "a dodgy compensation scheme" if it went bust.

I was wondering just how many people were aware of his warnings as I can't remember any support or comment from him in threads when members of this board were warning against the risks back in April. Did everyone else read the warnings he says he gave and do they think they were given sufficient prominence in the way that many newspapers were highlighting the risks?

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Insert By Martin... I've posted this later but thought it would be useful up front.


Apologies for the word 'dodgy' (or 'slightly dodgy' as someone has told me I actually said) to be honest that was hyperbole in the heat of the moment and wasn't the right word... importantly different would've been better.

It wasn't an easy interview. I seemed to be solely responsible for a recommendation that every website, best buy table, Which, Tv programme, newspaper article covering the guide had done.

I didnt know there would be a saver there when a walked in - and the chap in the wheelchair certainly added a different tone to the interview. And there could be no debate due to timings, and his speech difficulties.

Unfortunately it wasn't pointed out that the chap had never heard of me and wasn't a user of this site or watcher of any of my programmes.

I knew it was adversarial rather than "expert" interview, a change from when I was originally asked. This is something I'm not particularly used to and I normally would have been more careful about phrasing.

As for dodgy I still believe people's money is protected up to £50,000 and have been pushing the treasury hard on this today.

Let me clear up a few points in the thread.

1. Before I wrote the safe savings guide a year ago, little was known about the issue and we pieced a lot together. Two years ago no one cared a jot about this


2. In the original incarnation we didnt mention the passport scheme as we didnt know about it - simple as that.

3. It was included in the safe savings guide sometimes between January and April - I cant remember the exact date.

4. Since April (roughly from memory) EVERY mention of Icesave on the site included the following note directly underneath

IMPORTANT. Icesave, unlike some foreign banks, hasn’t chosen to be completely protected under the UK's Financial Services Compensation Scheme, and thus if, in the unlikely event that it were to go bust, getting the money back could be more difficult. See the Are Your Savings Safe? guide for a full explanation, and Martin’s Icesave safety blog.

5. The information about the passport scheme has been in the safe savings guide, which has been read many millions of times and put high up the weekly email so many times we've had complaints that it is boring.

I've been going on and on about this issue and the passport scheme on all my programmes, radio 2, gmtv (when time allows and im not cut off), It pays to watch and more. So much so i've been told by producers "everyone knows" lets do something else, when i've been pushing it as a subject.

6. As for commercial links to Icesave. Icesave was very rarely an affiliate link, for less than a month (from memory - but of that magnitude I believe)- in fact the site has hardly made any money from it. The times it was an affiliate link it was a long way down the list. I only wish in this one case we DIDNT have the ethcial stance that means we always say the best regardless of the site's revenue. As if so, Icesave would have almost never been on the site. Sadly we try and tell people what's the best rate.

I hope this clears things up - again apologies for the word dodgy - its not easy in the heat of the moment when you're feeling attacked.

I would also appreciate that whether you agree with me or not - you help direct people to some of these answers and my blog - so people can read what i have to say at first hand

Martin

PS and all updates on Icesave are in the safe savings guide, and as requested of course we will do template guides if necessary, if compensation needs applying for.

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UPDATE 9 October.

Hi

This thread is now closed so we can get back to the business of discussing savings...

Please see here

http://forums.moneysavingexpert.com/showthread.html?t=1210797

for info on why

Thank you

Martin

Aegis

I knew exactly what I was getting in to from what I read here.

altocumulus

The warnings were certainly there when I looked - and they were equally there on the Icesave web pages before I registered....

kingmonkey

I think 1,534,654 people were aware of his warnings. All the others were sheep.

IT_nerd

The warning were there when I decided to open an account.
I just didn't realise just how !!!!!! the passport system was.

Nick_C

The impression I gained from this site was that Martin was telling people the passported compensation scheme was as good as the FSA scheme.

We now know that may not be the case.

Helix

Nick_C wrote: »

The impression I gained from this site was that Martin was telling people the passported compensation scheme was as good as the FSA scheme.

We now know that may not be the case.

That's the impression I gained as well. Not that it was dodgy, just different from other banks.

South_Bound

I was aware of the risks.

[Deleted User]

Helix wrote: »

That's the impression I gained as well. Not that it was dodgy, just different from other banks.

That is the impression I gained aswell, if I'd have thought the protection was "dodgy" I would have taken my money out months ago.

vixenlouis

Why do people try and blame Martin, you make your own mind up on your investments and has been telling people to spread their savings to 35k in each bank.

Every newspaper carries tables showing best rates - Martin has done alot of good advising people about money saving for free.

1echidna

My recollection was that were postings calling some doubt on the scheme which I largely discounted as somewhat xenophobic. I could see though that there might be delays, not expecting there to be a real possibility of default for the first 20,000 Euros