FSCS Icesave announcement

oldfella

FSCS proposals for accelerated payment process being considered in Iceland (17 October 2008)

Over 200,000 UK savers with around 300,000 accounts at Icesave, the UK branch of Landsbanki, are a step closer to getting their money back this week, as the authorities in the UK and Iceland work on the process for accelerating the payment of compensation to them.
The FSCS, together with representatives of H M Treasury, the Financial Services Authority and the Bank of England, met with counterparts in Iceland last weekend. Significant progress was made and an accelerated approach to paying compensation was agreed in principle.
Since then, the UK authorities have been working on the detail of alternatives to the conventional, form-based compensation process and these have been put to Icelandic counterparts for consideration.
FSCS Chief Executive Loretta Minghella said today: "Our message to savers entitled to our protection is simple: your money is safe. Our paramount concern is to ensure that you get it back as quickly as possible, so we are doing everything we can to agree an innovative solution which will significantly accelerate the process."
Meanwhile, we have been working closely with the systems operators for Icesave, so that we can get timely access to the data we need to verify claims. We are pleased to report that we are receiving excellent co-operation from them.
The Authorities hope to settle the process over the coming days, and expect to issue guidance next week about how savers will be able to claim their money.

cos69

" innovative solution which will significantly accelerate the process"

Hope it works - nice to know they are thinking of us, but looks a bit like a holding statement. Could have said the same thing anytime during the week since they agreed in principle what to do last weekend and its the delivery that is being worked out.

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.....

f_@_w_y

There is another good news.... We got a new caretaker... who issued a statement...... Chief Execitive Loretta Monghella (FSCS)

StarRover

The rule is jam tomorrow and jam yesterday - but never jam today!

EalingSaver

cos69 wrote: »

" innovative solution which will significantly accelerate the process"

Hope it works - nice to know they are thinking of us, but looks a bit like a holding statement. Could have said the same thing anytime during the week since they agreed in principle what to do last weekend and its the delivery that is being worked out.

Not so sure about that. It said something about "avoiding the normal form filling process". Remember that £100m we lent them ? I'm wondering whether they really do have something 'innovative' in mind. Any bets on some 'shadow' bank, taking on the the IceSave systems, with some form of withdrawls process allowed (of course there would have to be 'funding' injected in to honour the withdrawls).

But he, just think of the adiminstrative cost to the FSCS and to the Icelandic scheme of handling all those forms and claims. That could probably fund a more innovative solution at less overhead cost.

Just a rambling thought, but....

noh

EalingSaver wrote: »

Not so sure about that. It said something about "avoiding the normal form filling process". Remember that £100m we lent them ? I'm wondering whether they really do have something 'innovative' in mind. Any bets on some 'shadow' bank, taking on the the IceSave systems, with some form of withdrawls process allowed (of course there would have to be 'funding' injected in to honour the withdrawls).

But he, just think of the adiminstrative cost to the FSCS and to the Icelandic scheme of handling all those forms and claims. That could probably fund a more innovative solution at less overhead cost.

Just a rambling thought, but....

No one needs to take on the Icesave systems as they are already run by NSSL, a subsidary of Newcastle Building Society.
The solution is, as has already been suggested by others previously, to allow customers to withdraw their funds using the icesave online system.
obviously funds need to be put in place and an agreement reached between all parties

I think this part of the statement is significant:-

"Meanwhile, we have been working closely with the systems operators for Icesave, so that we can get timely access to the data we need to verify claims. We are pleased to report that we are receiving excellent co-operation from them."

Nigel

StarRover

"Since then, the UK authorities have been working on the detail of alternatives to the conventional, form-based compensation process and these have been put to Icelandic counterparts for consideration".

I know this is radical but how about, I log on to my account and transfer the balance to my bank account!

meanmachine_2

oldfella wrote: »

FSCS proposals for accelerated payment process being considered in Iceland (17 October 2008)

.

What do you think the chances are of Iceland making an "accelerated decision" on this one, rather than dragging it out to maximum political effect?

Look it's simple - guarantee our money, allow us to access our accounts and let us put this terrible time behind us.

End of story.

ExBanker_2

SInce we're loaning iceland the money to pay back to us (!), why can't they just unfreeze our account- or atleast the £16000 they've promised to cover anyway...

ed123_2

...Where is the actual money? Darling has said the funds were frozen, one assumes to stop the codwarers whipping it from the UK to Iceland. So is the money up in Newcastle??
They are now taking about "innovative solutions", well guys this was an INTERNET bank, does that give you any clues. (I rang the FSCS on the 8th Oct an they said they were printing the forms!!). How differcult would in be to put a form within the account section (so passwords would have to be used) which we filled in then sent back) and the funds transfered to our linked accounts.
They speak of problems getting details/terms of accounts, from what I see there were only three types of account fixed/instant/isa and surely peoples details would be on one/two computer disks??