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

posh*spice

earlgrey wrote: »

I remember when many of us were pointing out the risks back in April and it would have been helpful if he knew the risks to have backed what was said as balance against the vociferous Icesave Fan Club.

He was happy to make several posts here calling Premium Bonds a scam around that time even though they were backed by the government, completely safe, and well understood by those who buy them. Some of that time, and perhaps some of the profits from this site, could have gone into a closer look at the pitfalls in a bank like Icesave.

Good Post:T:T:T:T:T:T:T:T:T:T:T

Personally I think allowing to the vociferous Icelandic Bank fan club to take a hold of this board was a big mistake, something should have been done about that....

amcluesent

There's the moral hazard issue here.

Peeps who wanted the higher rates should take it as read that there's a higher risk. I have my money in a dull UK building society, no doubt I'll be expected to pay out to those who wanted to have their cake and eat it.

nachovx

LucyTheDwarf wrote: »

Oh, ING is also under the passport scheme. When do we start a run on them?

I say that with my tongue firmly in my cheek.

The Netherlands is slightly larger than Iceland and ING is their leading bank, so it going under in the Netherlands is not a reality. Although they could say ING Direct is a separate company - and 'nothing to do with us guvnor!' should the group get into trouble --- and in these days, who knows? The first €100,000 would now come directly from the Dutch, although I couldn't see them refusing to pay as I'm sure the EU would have something to say on it, hopefully ---- but as in the last few days, the EU themselves have been absolutely useless.

BarryPseudonym

meester wrote: »

zero, check here,

http://web.archive.org/web/20080109143121/http://www.moneysavingexpert.com/savings/savings-accounts-best-interest

No affiliate links

...or additional warnings about 'dodgy' protection schemes.

posh*spice

amcluesent wrote: »

There's the moral hazard issue here.

Peeps who wanted the higher rates should take it as read that there's a higher risk. I have my money in a dull UK building society, no doubt I'll be expected to pay out to those who wanted to have their cake and eat it.

True - there is not such thing as a free lunch:o

Plasticman

The advice on this site seems to have been clear for a long time:

Don't put more than £35K in one bank, and claiming money back if Icesave went bust would be more complex as they operated under the passport scheme.

Most people listened to the first point but didn't worry about the second because the risks of a bank going bust was pretty low. More recently it has become more likely, but what did you expect to see on this site? "Withdraw your cash now!!" would just result in a run on the bank.

I do take issue with Martin's comments about "a strange compensation scheme" and "dodgy protection". That wasn't the message being given here, but I assume was his reaction to being put under pressure by John Snow.

The bottom line is that advice has been well publicised and we all all responsible for our own actions (me included!).

If the full £50K isn't paid out then people will have something to complain about IMHO.

luvpump

LucyTheDwarf wrote: »

Astounding that many ignored his warning?

I find it astounding how many fail to read t&cs, or research what they're buying, then feel the need to blame Martin Lewis - who has put an encyclopaedia of financial information at their fingertips - it couldn't be easier!

Sorry "Lucy" but Fxxk you !!! .you spent all last week calling posters "Doommongers" amongs't other things and now this ??? ..I wonder if you really are a "Lucy" ?

nicholbb

Just watched the C4 news and all he said was 'slightly dodgy'. However as the scheme looks like it will pay out the full amount it is said it would, I don't understand why people are worried about.

earlgrey_3

LucyTheDwarf wrote: »

Oh, ING is also under the passport scheme. When do we start a run on them?

If Holland was a close to bankrupt country with runaway inflation following reckless expansion as Iceland has been for some time then as soon as possible and be first in the queue. As I understand it Holland is not in that position.

posh*spice

luvpump wrote: »

Sorry "Lucy" but Fxxk you !!! .you spent all last week calling posters "Doommongers" amongs't other things and now this ??? ..

They are the savings boards posters who really make me angry....:rolleyes: not Martin Lewis