Icesave - 11 Days Later & We Are No Wiser

Grumpy_Old_Duffer

Apparently the FSCS will be sending-out claim forms shortly for all of us with savings in ICESAVE ........ why? The ICESAVE account is set-up with a link to a personal Bank account, so why don't they just transfer OUR money into OUR Bank accounts, rather than US having to 'claim' the money, which is rightfully OURS?

qamwc1

Are not the 1995 regulations that Seajays quotes now out of date. I think the current scheme is under FSA rules. See the FSA handbook - it says 6 months maximum.

http://fsahandbook.info/FSA/html/handbook/COMP/9/2

Dreamez

Hello,

Just came across this!!:mad:

Icesave accounts disappear from website

http://www.telegraph.co.uk/finance/personalfinance/savings/3210500/Icesave-accounts-disappear-from-website.html

Seajays

qamwc1 wrote: »

Are not the 1995 regulations that Seajays quotes now out of date. I think the current scheme is under FSA rules. See the FSA handbook - it says 6 months maximum.

http://fsahandbook.info/FSA/html/handbook/COMP/9/2

No - the COMP rules are those that the FSA has produced in order to implement the directive as per the UK legislation. The COMP rules must comply at a minimum with the legislation, i.e. the Credit Institutions (Protection of Depositors Regulations) 1995.

Which of course they do - if you read your link, the rules do say that it should be within three months - but can be extended to six (they don't go any further, but that's OK as it's not a requirement to go further than that). However the law says that extensions should be in "exceptional circumstances".

UK Implementation Details

The Directive was implemented in the UK by way of Statutory Instrument 1442 on 1st July 1995: "Credit Institutions (Protection of Depositors Regulations) 1995".

The FSA is responsible for the rules (COMP) governing the Financial Services Compensation Scheme (FSCS) which is the organisation responsible for the Deposit Guarantee Scheme in the UK.

The COMP rules must take into account the minimum requirements contained within the Directive.

http://www.fsa.gov.uk/pages/About/What/International/pdf/DGSD.pdf

SouthCoast

If the current global financial crisis does not meet the definition of exceptional circumstances, I cannot imagine a scenario that would qualify..

pumpndump

EagerLearner wrote: »

In bold above - so a British law firm are going to sue the British authorities, on behalf of Iceland? And in the meantime, I hear that the UK are proposing to lend Iceland millions of pounds - anyone else need a palm tree and some white sand

So this will mean that no one will get paid while this case is going on, and that will mean that claimants are losing thousands in lost interest, and then there might be an appeal...

This could go no for years and years.

Babycakes

Chasing high interest - what was the point. I have lost more than I made...

OOPS

Babycakes wrote: »

Chasing high interest - what was the point. I have lost more than I made...

Thats it really - whats the point in trusting Any bank , the whole systems set up to stitch up the saver and borrower first , defend share holders and save banks first .To be honest i think the way icesave ruthlessly acted and the way iceland acted and the way the uk acted just sums up how messed up and selfish the world has become due to money and greed.I think money is now better invested in building a situation for oneself where we dont need these systems personally , i will invest my money in solar power , green energy , my own land to grow my food , a well and i know trhats all a bit goodlife but honestly , this society and system will fail bigtime oneday as its built on quick sand and shallow ethics.

ed123_2

...and asked people to inform them by the 22nd October if they have not recieved them. Why is it taking the FSCS so long to send out the forms? Also why could not a form be done over the net and the money transfered to our linked accounts?...

Pandora123_2

For anyone who has a fixed term account with IceSave:

8. Will you compensate me for any interest I have earned on my account?

Interest owed to the depositor as at the date the bank is declared "in default" by FSCS will be paid as part of the compensation amount. Notice accounts will be paid as if notice had been served on the day the account was frozen and payment will be made, including interest, at the end of the notice period. Fixed term accounts will be paid at the maturity date with the interest that would have been paid by the bank at maturity date.

LINK

So it appears that those with fixed terms maturing months out, will be better off than those with fixed terms maturing imminently (or those with easy access accounts), because they'll receive full interest on their savings.