Operational ?

johnrcrellin

We are told Icesave is still operational so the compensation scheme has not yet been triggered.

Why does the banking world persist in this Alice-in-Wonderland language. I can't get my money (despite "transferring it out" even before the freeze - see other threads).

In my book this is NOT operational !

Lawyers / politicians take note - after all this lets have real world, REAL English protections and rules !

Seajays

It was declared in default yesterday by the FSA, which has triggered the FSCS.

"The UK branch of Icelandic bank, Landsbanki, which includes Icesave, has been declared in default in the UK.
So in the interests of consumer protection, we have triggered the Financial Services Compensation Scheme (FSCS) to safeguard retail customer savings held in Icesave.

In addition, the Chancellor of the Exchequer has put in place arrangements to ensure that no retail depositor will lose any money as a result of the closure of Icesave.

The FSCS will provide further information for customers shortly, to set out what will happen next and how they can make a claim.

Icesave also intends to provide more information to customers as soon as possible."

http://www.moneymadeclear.fsa.gov.uk/news/firm/icesave.html

Reaper

They have been declared bust by the UK which is enough to trigger it. See FAQ Q1

EDIT: Beat me to it.