icesave re payments

grossebaby

Yes a government breaking promises that will never happen!

Oh! it already has.

I am one who stands to gain from them paying us out, but I have to say I am not really sure on the ethics of it.

nilrem_2

grossebaby wrote: »

I am one who stands to gain from them paying us out, but I have to say I am not really sure on the ethics of it.

I am quite sure that they will be happy to leave you off the list if you feel bad about it! :rolleyes:
If they can make £450Bn available to bankers who in some cases have helped get us in this mess I am not going to feel guilty at some of the taxes I paid coming back to me! :eek:

lethal0r

We will post a further update on our website as soon as we can, and expect to be able to give you firm news by the end of next week. But there is no need to take any action at this time.

http://www.fscs.org.uk/consumer/

grossebaby

nilrem wrote: »

I am quite sure that they will be happy to leave you off the list if you feel bad about it! :rolleyes:
If they can make £450Bn available to bankers who in some cases have helped get us in this mess I am not going to feel guilty at some of the taxes I paid coming back to me! :eek:

Oh I'm not saying I won't take it and after the nationalisation of Northern Rock and other potential credit crunch fallout I can see that for the Govt to sort this out was one of the only options.


BUT banks are businesses and stand and fall by their business decisions if this thing can happen they obviously needed more regulation to protect us, our country, the gov't and indeed the banks themselves, it is just that over the years reduced regulation has been seen as a good thing bringing more people/businesses to the market and increasing competition. As of now this is no longer the case and we need a modicum of protectionism in the finance world and I believe things will never be the same.

riad_2

I wouldn't have thought that cheques will be issued for the ISA's, as I can't see how this would preserve the tax-free wrapper.

For ISA's, the most efficient way I think it could be done is the exact same way that ISA transfers are done at the moment, i.e. requesting the ISA funds from the FSCS as a transfer via the new ISA provider.

I guess the practical way this would be is that we would have/have to, open a transfers-allowed ISA, and on their transfer form under "Name of Bank you're transferring FROM"... you would write something like "FSCS - Icesave Compensation Fund"

cwcw

riad wrote: »

I wouldn't have thought that cheques will be issued for the ISA's, as I can't see how this would preserve the tax-free wrapper.

For ISA's, the most efficient way I think it could be done is the exact same way that ISA transfers are done at the moment, i.e. requesting the ISA funds from the FSCS as a transfer via the new ISA provider.

I guess the practical way this would be is that we would have/have to, open a transfers-allowed ISA, and on their transfer form under "Name of Bank you're transferring FROM"... you would write something like "FSCS - Icesave Compensation Fund"

Personally I think the quickest, easiest and cheapest way of doing things all round would be for the FSCS to take control of the Icesave website and account database, liquidate to the tune of £4.5billion, pay 0% interest on all balances and allow everyone immediate access. In one easy swoop, everyone with an Icesave account would be able to access their money as before and transfer it out to their linked account freely. In the case of ISAs, it would again work as before, with a transfer out request of the balance in "Icesave" to the new ISA provider. No forms, minimal effort and cost.

noh

cwcw wrote: »

Personally I think the quickest, easiest and cheapest way of doing things all round would be for the FSCS to take control of the Icesave website and account database, liquidate to the tune of £4.5billion, pay 0% interest on all balances and allow everyone immediate access. In one easy swoop, everyone with an Icesave account would be able to access their money as before and transfer it out to their linked account freely. In the case of ISAs, it would again work as before, with a transfer out request of the balance in "Icesave" to the new ISA provider. No forms, minimal effort and cost.

I've no doubt that they have already visited NSSL, the subsidary of Newcastle Building Society, who run the UK operation for Icesave and will already have access to the database.
Your solution does seem to be a good one but I think they will still need to write to all account holders first to inform them and to get their signature on a document that legally transfers all rights to receive compensation, from the Icelandic compensation scheme, from the account holder to the FSCS.

Nigel