Will we see our Icesave cash before Christmas

cwcw

I've written to the FSCS, the Treasury, Alistair Darling and my local MP (Nick Clegg - hopefully holds some clout!.. or maybe not). I'm not too hopeful of a response from any of them though.

What this situation does require is for the issue to be kept in the media spotlight. The best person to do this on our behalf is the editor of this very website, who effectively recommended Icesave to a lot of the people who are now without their life savings. Apart from his initial "it wasn't me, guv'nor", he has been very conspicuous by his absence. Has anyone tried to contact him directly about the issue? We need his help!

f_@_w_y

Dear Icesavers,

Some hopes.... not in consumer page but look in industry page...

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

FSCS is doing behind the curtains something about icesave.....

EBG

f_@_w_y wrote: »

Dear Icesavers,

Some hopes.... not in consumer page but look in industry page...

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

FSCS is doing behind the curtains something about icesave.....

They now have something about Icesave on the FSCS website:

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

tuggy12

O.K. so they've kept their promise of an update and we seem to be a little bit further on.
We can only hope inertia doesn't set in.
http://www.fscs.org.uk/consumer/

Meadows

TattyBear wrote: »

I've emailed Mr Eyebrows at the Treasury with a request for information. I'll see if I get anything back. I don't even know who my MP is. If my area has got one, they certainly don't ever show their face.

http://www.writetothem.com/

AB31

tuggy12 wrote: »

O.K. so they've kept their promise of an update and we seem to be a little bit further on.
We can only hope inertia doesn't set in.
http://www.fscs.org.uk/consumer/

From the latest update, it would seem that FSCS are considering alternatives to the standard form-based procedure for claiming compensation, and this is what they mean by an "accelerated approach to paying compensation". Thus, it could be that they won't send out claim forms at all, and the whole procees may be done online, once they get all the data they need from Icesave's system operators. I don't know that this is the case but it seems to be a reasonable interpretation of what they've now said, even though it's inconsistent with what they have been saying all this week that they intend to send out claim forms. Confusion continues.

KingL

From the latest update, it would seem that FSCS are considering alternatives to the standard form-based procedure for claiming compensation, and this is what they mean by an "accelerated approach to paying compensation". Thus, it could be that they won't send out claim forms at all, and the whole procees may be done online, once they get all the data they need from Icesave's system operators. I don't know that this is the case but it seems to be a reasonable interpretation of what they've now said, even though it's inconsistent with what they have been saying all this week that they intend to send out claim forms. Confusion continues.

Presumably they are progressing both angles of attack. They have 'proposed' the electronic-based version to their Icelandic counterparts. Hopefully this will be the one that prevails.

AB31

Here's the letter to my MP (Mr Norman Baker, MP for Lewes):

"Dear Mr Baker

COLLAPSE OF ICESAVE BANK: DELAY IN COMPENSATION FOR RETAIL DEPOSITORS

As a retail depositor in Icesave, I would be grateful if you could investigate as a matter of urgency the very slow progress by The Financial Services Compensation Scheme (FSCS) in providing me with compensation for the £ …..which I have invested in that bank.

As you know, Icebank was declared in default by the Financial Services Authority on Wednesday, 8 October 2008. On the same date the Chancellor of the Exchequer announced that he had put in place arrangements to ensure that no retail depositor would lose any money as a result of the closure of Icesave. The Financial Services Compensation Scheme (FSCS) is responsible for making compensation payments to those affected.

On 10 October the FSCS announced on its website that it was hoping to provide help to those entitled to compensation as quickly and efficiently as possible, and that its aim was to ensure that people will only have to deal directly with the FSCS rather than with the Icelandic Government. On 11 October the FSCS noted that, following discussions between delegations from the UK and Icelandic Government, significant progress was made on retail depositors of Icesave, and those arrangements were agreed in principle for an "accelerated payout to depositors". They said that they expected to be able to give “firm news” by the 17 October. However, on 17th October the FSCS merely provided a flimsy update saying that they are still trying to get data from Icesave. They seem highly uncertain about whether they will be sending out claim forms and if so when.

The FSCS appear to have no idea of the distress this delay with no clear timetable is causing customers. I cannot help think that if it had been a large, well-known bank that had gone bankrupt that compensation payments would have been resolved by now. Given the likely long delays before we see a solution, it is my view that the FSCS should pay interest on retail deposits from the default date to repayment date, but they have indicated that it is not their intention to do so in the case of instant access accounts. This seems inconsistent with the Chancellor’s statement that “no retail depositor would lose any money as a result of the closure of Icesave”.

Therefore, I very much hope that you will be able to raise urgently these matter in the HoC with a view to putting some pressure on the FSCS to expedite their work in compensating retail depositors fully and as quickly as possible.


Yours sincerely

……"

meanmachine_2

Good letter AB. My only note would be that you're not an investor in Icesave (thank God!), you're a depositor. A humble, hardworking saver, to paraphrase our dear leader.

An investor would have now-worthless shares in Landsbonkers.

tuggy12

AB31 wrote: »

Here's the letter to my MP (Mr Norman Baker, MP for Lewes):

"Dear Mr Baker

COLLAPSE OF ICESAVE BANK: DELAY IN COMPENSATION FOR RETAIL DEPOSITORS

As a retail depositor in Icesave, I would be grateful if you could investigate as a matter of urgency the very slow progress by The Financial Services Compensation Scheme (FSCS) in providing me with compensation for the £ …..which I have invested in that bank.

As you know, Icebank was declared in default by the Financial Services Authority on Wednesday, 8 October 2008. On the same date the Chancellor of the Exchequer announced that he had put in place arrangements to ensure that no retail depositor would lose any money as a result of the closure of Icesave. The Financial Services Compensation Scheme (FSCS) is responsible for making compensation payments to those affected.

On 10 October the FSCS announced on its website that it was hoping to provide help to those entitled to compensation as quickly and efficiently as possible, and that its aim was to ensure that people will only have to deal directly with the FSCS rather than with the Icelandic Government. On 11 October the FSCS noted that, following discussions between delegations from the UK and Icelandic Government, significant progress was made on retail depositors of Icesave, and those arrangements were agreed in principle for an "accelerated payout to depositors". They said that they expected to be able to give “firm news” by the 17 October. However, on 17th October the FSCS merely provided a flimsy update saying that they are still trying to get data from Icesave. They seem highly uncertain about whether they will be sending out claim forms and if so when.

The FSCS appear to have no idea of the distress this delay with no clear timetable is causing customers. I cannot help think that if it had been a large, well-known bank that had gone bankrupt that compensation payments would have been resolved by now. Given the likely long delays before we see a solution, it is my view that the FSCS should pay interest on retail deposits from the default date to repayment date, but they have indicated that it is not their intention to do so in the case of instant access accounts. This seems inconsistent with the Chancellor’s statement that “no retail depositor would lose any money as a result of the closure of Icesave”.

Therefore, I very much hope that you will be able to raise urgently these matter in the HoC with a view to putting some pressure on the FSCS to expedite their work in compensating retail depositors fully and as quickly as possible.

Yours sincerely

……"

Excellent letter.
If there's unsatisfactory progress during the next week, I'll send a similar letter to my MP.