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

EalingSaver

Some of the comments on this thread are outrageous. This site has always been about providing information; not recommendations in the wider sense. I can't remember when the statements about the passport scheme were made 'more explicit' on here, but I know I was aware of it when I opened my first account about 18 ? 24 months ago. And its definitely been explicit for quite a while. I even knew that Anglo Irish, where I have money, was working under the passport scheme - THANKS TO THIS SITE. I also know that, partly but not entirely, thanks to this site I gradually wound down my holdings in Icesave over many months - not because they were dodgy, or even 'slightly dodgy' - but realising that that time to have £200k+ in one place had gone from being a simplification of my finances to an unneccessary risk.

And if it hadn't been IceSave, it could well have been another institution which I could wake up tomorrow and find has gone down the toilet bowl. And probably will.

As with everything in life, the decisions we make are ours, based on the information we have available. At what point was this site meant to be something other than a "here's the deals out there ("p.s. here's the gotcha's we know about)" and more of a crystal ball into how the cards will fall in worldwide finanical chaos??

And don't come back and say "it was inevitable, it was written in the CDS rates". If it was as simple as that IceSave would have gone belly up well before B&B, A&L,NR etc.

My biggest concern with this website is that the forums have become a breeding ground for creating a sufficient mass of group concern (I've deleted/retyped/deleted several times the word hysteria) that they have become a forum for enducing mini bank runs in their own right.

And Martin, although I'm sure you wont' be reading this: I've not seen the interview, but by all accounts it sounds like it was a pretty difficult experience, and a bit of a setup. My sympathies.

And I still disagree with the downer on PBs. As part of a balanced portfolio and all that....

maypole

EalingSaver wrote: »

Some of the comments on this thread are outrageous. This site has always been about providing information; not recommendations in the wider sense. I can't remember when the statements about the passport scheme were made 'more explicit' on here, but I know I was aware of it when I opened my first account about 18 ? 24 months ago. And its definitely been explicit for quite a while. I even knew that Anglo Irish, where I have money, was working under the passport scheme - THANKS TO THIS SITE. I also know that, partly but not entirely, thanks to this site I gradually wound down my holdings in Icesave over many months - not because they were dodgy, or even 'slightly dodgy' - but realising that that time to have £200k+ in one place had gone from being a simplification of my finances to an unneccessary risk.

And if it hadn't been IceSave, it could well have been another institution which I could wake up tomorrow and find has gone down the toilet bowl. And probably will.

As with everything in life, the decisions we make are ours, based on the information we have available. At what point was this site meant to be something other than a "here's the deals out there ("p.s. here's the gotcha's we know about)" and more of a crystal ball into how the cards will fall in worldwide finanical chaos??

And don't come back and say "it was inevitable, it was written in the CDS rates". If it was as simple as that IceSave would have gone belly up well before B&B, A&L,NR etc.

My biggest concern with this website is that the forums have become a breeding ground for creating a sufficient mass of group concern (I've deleted/retyped/deleted several times the word hysteria) that they have become a forum for enducing mini bank runs in their own right.

And Martin, although I'm sure you wont' be reading this: I've not seen the interview, but by all accounts it sounds like it was a pretty difficult experience, and a bit of a setup. My sympathies.

And I still disagree with the downer on PBs. As part of a balanced portfolio and all that....

I did see the interview and it did look a bit of a rush job, Jon Snow and channel 4 are usually better than that. The man in the wheelchair, a solicitor, I believe, had £150000 in icesave, as a solicitor he should have been aware of the the risks of that anyway.

djohno24

Can i ask?

Does anyone know where Martin has is savings??

dc1350

I agree with you about the Media. Look - my daughter phoned me in tears tonight. The only money she has ever had is in an Icesave ISA and that was inherited from my mum. She used the Moneysaving Expert but she's not blaming Martin. The media should spend more time on where exactly has our money gone? She blames the reckless, greedy banks and companies and individuals defaulting (stealing?) on credit they can't afford. They are not suffering - as usual it is the honest prudent savers and law abiding citizens who suffer.
Dave

BarryPseudonym

BarryPseudonym wrote: »

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.

Just to qualify this- I'm not blaming Martin. The early research and warnings could have been a lot better, but this was rectified later, and it's just a recommendation; the final responsibility still lies with us, the end consumer. Plus this is all knee-jerk, we don't know what's going to happen, and the money should still be safe.

In short, apart from thinking that Martin may have misjudged his audience a bit (and perhaps fallen for the small print himself?), I pretty much agree with what EalingSaver said above.

cwep2

I think the advice on this site has been clearer than anything else out there (best buy tables, other sites and information resources). I put my ISA money into Icesave knowing I would have a risk above 35K as with any bank and made a calculated decision. If I lose out then I'm prepared to take that on the chin - I wouldn't expect to have to pay Martin a commission for all the money I'd saved by reading this site, and if anything Martin may be a focal point and help everyone claim back what they are owed with the least hassle. A body of people such as he has behnd him may get a word into ears that otherwise might not get heard as he can arguably represent a lot of savers.

savlad

I agree entirely that people should make their own decisions based on advice they get - either from here or any other outlets and that ultimately they themselves are responsible. I guess I feel a little dismayed to see someone who I always saw as an expert, and who clearly makes his living from this kind of thing, announce on national tv that a compensation scheme is "dodgy", which is a hugely differnt stance from what was outlined by himself previously. I for one fully understood the risks and the passport scheme as Martin had outlined this clearly. However if he had ice save listed in his best buy guides with the byline "dodgy compensation scheme" I think people would have taken a differnt view. I can understand that he may have been put under pressure in an unusual situation for him (although given how much he national tv exposure he enjoys this seems a little far fetched) but as a seasoned advice giver to change his stance of the last 6 months from " this is the passport system, please take time to understand it" to "it's a dodgy compensation scheme" is a difficult to understand, and a little hard to take. In summary I think the advice given on this site by Martin is genrally sound, and clearly outlined so people can make their own decisions, but for him to seemingly alter his opinion with regards to something so serious on a national and hugely well respected news channel is fairly dismaying.

cowbutt

silvercar wrote: »

Why would any UK person want to put their savings with an icelandic bank? only because the calculated that the extra risk was worth the extra return. If they had all kept their money in the UK our own banking system may be in better shape.

Actually, a more significant reason for me holding an Icesave account was that I wanted to diversify out of UK/US/EU banks, and it seemed like the safest option.

I was also under the impression that if the Icelandic compensation scheme wasn't able to meet its obligations, the FSCS would pay upto whatever limit was in place at that time. Furthermore, the idea that the Icelandic system might seriously be unable to meet its obligations struck me as paranoid at best.

The_Baroness

I don't often post now as I am busy looking after my family, but I feel so strongly after what I saw on the Channel 4 news today that I felt compelled to show my support for Martin.
I have always admired Jon Snow as an impartial interviewer. What I saw today when he interviewed Martin, in my eyes, was not an impartial interview and regretfully Jon Snow has gone down in my estimation. Not that he will be bothered by that.
I am one of the early members of this site and joined it when it was in its fledgling state. During the time I have been a member I have only ever seen Martin working to empower us all by educating us in financial matters. He has always been on the consumers side. He should be congratulated for what he has done to help many people and not attacked by those who have chosen to disregard his warnings. I think you are a star, Martin, and thanks for all you have done. I do not think you were given a fair interview.

PugLady_2

cwep2 wrote: »

I think the advice on this site has been clearer than anything else out there (best buy tables, other sites and information resources). I put my ISA money into Icesave knowing I would have a risk above 35K as with any bank and made a calculated decision. If I lose out then I'm prepared to take that on the chin - I wouldn't expect to have to pay Martin a commission for all the money I'd saved by reading this site, and if anything Martin may be a focal point and help everyone claim back what they are owed with the least hassle. A body of people such as he has behnd him may get a word into ears that otherwise might not get heard as he can arguably represent a lot of savers.

Sadly the risk appears to not just be above the £35000.
People are worried about the first £16000 possibly not being covered, due to the lack of funds from the icelandic govertment compensation scheme.