Will we see our Icesave cash before Christmas

Optimist

SouthCoast wrote: »

Can I ask where the FSCS says that it will pay out claims within three months?

Its all a part of the EU Deposit Guarantee Directive however it does say it can be extended to 6 months in exception circumstances

KathysBoy

The only definitive answers to FSCS questions are in the FSA Handbbok, which contains the rules under which they operate, BUT it´s like wading through treacle. If you´re interested (and have insomnia) this si the link to the Handbbook

http://fsahandbook.info/FSA/html/handbook/

This is what it says about timing, which explains about the 3 months and 6.

COMP 9.2 When must compensation be paid?
COMP 9.2.1 The FSCS must pay a claim as soon as reasonably possible after: (1) it is satisfied that the conditions in COMP 3.2.1 R have been met; and
(2) it has calculated the amount of compensation due to the claimant;
and in any event within three months of that date, unless the FSA has granted the FSCS an extension, in which case payment must be made no later than six months from that date.

maypole

Breaking news on the BBC. The treasury are making progress in talks regarding the accelerated payment of savers money. I assume we will here more later.

nzseries1

Babycakes wrote: »

I do not believe that the FSCS are prepared to handle our claim even though there are only 300,000 people involved.

Have I missed something here? Why would they not handle your claim? That's what they're there for!

Swipe

nzseries1 wrote: »

Have I missed something here? Why would they not handle your claim? That's what they're there for!

Do you think hundreds of FSCS office workers have been sitting there for 8 years twiddling their thumbs waiting for a bank to fail so they can begin processing claim forms?

Seajays

maypole wrote: »

Breaking news on the BBC. The treasury are making progress in talks regarding the accelerated payment of savers money. I assume we will here more later.

Yep - a short article on the BBC site now about that too:

Significant progress has been made over British cash in failed Icelandic banks, say the Treasury and the Icelandic authorities.

They said arrangements have been agreed "in principle" for an accelerated payout to Icesave depositers.

The delegations agreed to work closely on the other remaining issues over the coming days, the statement said.

http://news.bbc.co.uk/1/hi/in_depth/7665451.stm

COCO

Swipe wrote: »

Do you think hundreds of FSCS office workers have been sitting there for 8 years twiddling their thumbs waiting for a bank to fail so they can begin processing claim forms?

What have they been doing??.:eek:

Swipe

COCO wrote: »

What have they been doing??.:eek:

That's my point. There is no staff

Seajays

COCO wrote: »

What have they been doing??.:eek:

Well believe it or not, between January an September this year 129 firms were declared in default by the FSCS, and so customers were able to claim compensation from the scheme.

The FSCS even have a 'defaults database', there are so many firms listed in default. http://www.fscs.org.uk/industry/defaults/

Plasticman

maypole wrote: »

Breaking news on the BBC. The treasury are making progress in talks regarding the accelerated payment of savers money. I assume we will here more later.

Yes. It's looking more hopeful that we will see our cash by Christmas.