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

EagerLearner

We all took a personal risk opening an IceSave account - Martin made it clear the compensation scheme was different. He cannot be blamed for people's own decisions. Otherwise, we should all blame than Lean Mean Grilling machine boxer guy for the fact that we bought one and got fat and only used the machine once. Although with that at least we sort of knew the machine would be a bad purchase! Here's to more positive news tomorrow.

csiman

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.

The comment I remember was that it was actually as good or better than the FSCS!

Never was the phrase 'dodgy compensation scheme' used.

amcluesent

If you can't get compo from Iceland, sue Martin! He must be loaded! Oh wait! His 1st April posting has loads of caveats and does refer to the risk of picking 'dodgy' banks. Clever. Very Clever.

freddysmith

Its on C4 + 1 now

aqueoushumour01

jayesh wrote: »

You can see guilt all over his face :money:

Backed into a corner, trying to make out he was warning everyone, but really making money out of every person who clicked onto the Icesave website from his site.

He needs to put his hands up and admit he f*cked up, instead of sitting on his high horse!

very unfair - when you make a financial decision it is your responsibility to check everything out. This site isn't here to provide free and accountable financial advice but provides guidance. Next time, if you're too lazy to look up the details, book an appointment with an FSA approved financial advisor.

darude

http://www.channel4.com/news/ You can click on Watch again to replay this. Click on Tue 07 Pt 2: Icesave

john1984

To be fair to Martin all the compensation schemes depend on how much is in the compensation fund. Even people with U.K. savings could, if things go very badly, find themselves in a similar situation. These schemes were set up when no one imagined that something like this could happe. By the way it seems that Dutch investers can still access their accounts. My brother in law took out all his savings this morning! It looks as if only British investers are affected

silvercar

Most people knew the compensation scheme was not the FSCS, most people realised that it would be run from overseas, most people would therefore deduce that it could take longer to get your money back.

We know the government has less control of overseas affairs, people know that Iceland is overseas.

For the extra interest people were prepared to take that risk. We don't yet know what that risk will turn out to be, but people should always have been prepared for a delay.

Would our own markets have been more stable had everyone kept their money in UK banks and BS rather than chasing the penny with overseas companies?

rchddap1

Personally I don't know the ins and outs of the situation. However, I'm sure that if Martin did make a mistake he would say so. Who could have guessed that the world's financial situation would have gone down hill so rapidly?

No matter what is posted on this site it is all our own responsibilities to investigate ourselves to be certain of what we are getting ourselves into.

Considering what this site has given me over the past few years (ie, changing my attitude to money & life completely) if he did make a mistake I can easily forget it. No-one is right 100% of the time....if he was then he'd be a robot or superhuman.

I for one thank Martin. I'm sure there were plenty of other sites that recommended icesave, gave no warnings at all, and yet aren't getting touched because MSE is more high profile.

darude

darude wrote: »

http://www.channel4.com/news/ You can click on Watch again to replay this. Click on Tue 07 Pt 2: Icesave

"A strange compensation scheme", "dodgy protection" - Martin says! (but he was probably pushed to the edge to carelessly say "dodgy")