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

1echidna

LucyTheDwarf wrote: »

I do not think I put it quite like that!

I truly am very sorry if I have offended or upset anyone with any of my posts, but I stand by them. I did not believe the worst would happen, but my posts have always been along the vein that if it did, all UK savers would be safe. This is still my belief. I do accept that I am probably being very naive and over optimistic. But I just cannot in a million years envisage Gordon Brown letting anyone lose out in this crisis. He has not had it easy since he took the reins, and it is very unlikely he'll be re-elected as Prime Minister, in my opinion. He wont put the last nail in his coffin by letting anyone lose out, I am sure.

I have been well and truly fed up of over exaggerated and hysterical posts about Icelandic banks. I have been trying to encourage calm, fact based decisions, not the mad blind panic that has characterised this forum for the previous few days. To me, I have seen posters that have been feeding off the worry of others, and enjoying the turmoil that the financial world find itself in - this is what disgusts me.

Now, from the private messages I've received, I can see I've made plenty of enemies. A lot of them accusing me of "being nowhere to be seen", from earlier today when the news about Icesave broke (I was at work...), or hoping I'm happy now that the worst has happened (I can assure you I take no pleasure in anyone else's worry or misery). I am no coward, and I have no problem admitting I was wrong - so I'm not going to be on a "quiet break somewhere", hiding from the news, the posts, the private messages - no matter how nasty any of you decide to be.

I always try to help those who ask, if I have any shared experience or knowledge. And my sympathies really do go out to anyone who finds themselves in any kind of trouble from this, or any other crisis.

No I agree you didn't put it quite like that, I satirise somewhat. I must admit to be somewhat irritated by just about everyone who was contributing over the weekend. Some people were clearly in a panic and in my opinion should not have been adding to the panic when just a little reading would have shown them in the general good it was wise to swallow their emotions for a bit and post a few days later. There were those who made jokey new threads clearly designed to make those who were worried even more alarmed. There were those who had problems with the banks website, mostly I suspect were there own fault, who jumped to malign conclusions and alarmed further those who were concerned. Then there were those who tried to police the panic (I put you in this catagory) and in doing so put themselves as hostages to fortune and probably created more heat than calm. There were those who posted that they were withdrawing money and those that posted that they were not - why? - it is a personal decision either way there is no need to tell the world.

summersnearlyhere

I didn't have savings with Icelandic and feel for all of you that have. I also feel really sorry for Martin who has done all he can to help us all save money and was made a scapegoat tonight on the news. When the news every day lately is about more banks falling into difficulties I hope we aren't all going to start blaming Martin for that too!

Nick_C

Eager_Saver wrote: »

On the commission based earning, MSE is one of the only - if not THE only - website I know of that actually expressly points out which links are earning them a commission and which are not AND feature the best buy not on the commission it earns but on actual facts. Go to money supermaket or other such site where best buy tables are available and you wouldn't see it so clearly (if at all). And MSE is THE only one who offers those links without the commission tracking.

For a truly unbiased non-profit making website listing the best available savings accounts, see https://www.fsa.gov.uk/tables

LucyTheDwarf

1echidna wrote: »

No I agree you didn't put it quite like that, I satirise somewhat. I must admit to be somewhat irritated by just about everyone who was contributing over the weekend. Some people were clearly in a panic and in my opinion should not have been adding to the panic when just a little reading would have shown them in the general good it was wise to swallow their emotions for a bit and post a few days later. There were those who made jokey new threads clearly designed to make those who were worried even more alarmed. There were those who had problems with the banks website, mostly I suspect were there own fault, who jumped to malign conclusions and alarmed further those who were concerned. Then there were those who tried to police the panic (I put you in this catagory) and in doing so put themselves as hostages to fortune and probably created more heat than calm. There were those who posted that they were withdrawing money and those that posted that they were not - why? - it is a personal decision either way there is no need to tell the world.

I hold my hands up as being one of the many, if not all who posted this weekend, who probably shouldn't have. This forum is a wonderful place, a goldmine of information, and good advice, and friendships. But as with any gathering of people, there will be differences of opinions, and airing them publicly isn't really going to get anyone anywhere.

I like to think my heart was in the right place, with my posts. Agree or disagree as you will - I do agree with you that myself, and others like me, helped fan the flames as much as anyone.

djohno24

I wonder if those people who are now putting Martin down, have said positive things about him in the past when he has saved them money and gave excellent advice?.

I doubt it!!!

I also bet that they will continue to use his calculation tools, template letters and all the other good advice he posts long after the air has cleared!

Nick_C

Personally, i don't think I have learned anything from the main site, but find this forum and the postings of a clued up minority to be an invaluable resource!

BarryPseudonym

Sue_Hart wrote: »

I read the following summary from Martins how safe are your savings facts and myths on 1st October 2008

If, in the unlikely event Icesave were to collapse, it would probably be bureaucratically more difficult to get your money back than if a fully-UK bank went bust; but again not substantively so, and may actually be faster.

Therefore, where Icesave is a best buy, it remains a best buy. If I were to arbitrarily pick accounts not to include, then articles wouldn’t be accurate, where do you draw the line? This site is about listing highest interest rates to save people money… to get in the ‘picking the dodgy bank’ game - is an impossible task.
Of course, there are no guarantees, and it is a VERY tough call, but this is my best estimate of the situation. Yet, my aim by writing this breakdown of the facts is to help you make your own decision with full information.

I don't personally blame Martin for my decision to save with Icesave, but from what I read above, I never thought I could be at risk of losing my modest savings completely.

Exactly. And with any luck, you won't. But I agree, nowhere in that warning is even an implication that the protection isn't as good as anything offered in the UK.

Ah well, balls to it, I'm off on holiday tomorrow. I'll be sure to pump some money into the European economy while I'm there. Just doing my bit, like.

maypole

earlgrey wrote: »

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?

____________________________________

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.

When you are put on the spot, sometimes the appropriate words fail you. But I think most people understood this.

I have to ask all these people, are you going to blame the weekend papers "best buy" tables also for " advising" you to put your money in a particular bank? We are responsible for our own actions, we have always been told to "read the fine print" but do we?

djohno24

Nick_C wrote: »

Personally, i don't think I have learned anything from the main site, but find this forum and the postings of a clued up minority to be an invaluable resource!

and this invaluable resource wouldnt be here without Martin creating it

DocMartin

I'm not posting here to judge Martin one way or the other but to comment on the so-called "interview"on C4 tonight. Having read Martin's account of the way in which it was set up - in particular the fact that the wheelchair user hadn't even heard of him - I think the producer of that item is frankly disgusting. And if that little item of "news" doesn't make everyone (on here at least) completely sceptical of the TV media then I don't know what it would take.

Absolutely disgusting.