FSCS Icesave announcement

Major_Clanger_2

"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."

So......the FSCS will print forms and send them out to us (presumably using data obtained from Icesave). We will have to fill these forms in detailing account numbers and sums of money deposited which the FSCS will validate against the information they get from Icesave...

I just don't understand why we need to go through the process of telling the FSCS all this stuff when they already know it!

EalingSaver

StarRover wrote: »

"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!

that was my point. Maybe they are going to do sometihng in that vein. But it certainlhy isn't just that simple - remember that IceSave does not exist anymore as a bank. It has no banking license. It is an ex-parrot. It has shuffled up its mortal coils. Think of what is required for it to be recognised as a valid guarantor of an outward bound transaction on the international banking systems, on which it is currently not recognised (which is presumably why transactions got bounced back and recredite).

If they are moving down the road of a solution which is not the traditional form filling, then no wonder its taking them more time to announce what the process will be.

EalingSaver

ed123 wrote: »

...and surely peoples details would be on one/two computer disks??

And they are probably in the post now...oh ***** next big scandal !!:rotfl:

Dreamez

I'm quite pleased with the announcement - for now I will go back to obsessing with something else like my weight or nagging my husband!!!

Ivana_B_Rich

oldfella wrote: »

<snip>

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.

They said that last week

asd030

300000 letters to send out. With their admin costs that will surely add a few million more to the enormous cost of this excersise. No, FSCS, get this thing sorted so we can do it online. Everyone benefits!

dougk_2

I don't get it all.... surely the easiest solution is just transfer all accounts as they are to somewhere else? As Northern Rock is givernment owned why not just shift everything in one go to there , then let people do as they wish. In fact why not just lift the whole icesave site and redirect?
At the same time we should freeze all icelandic assets until 100% of the UK's money is returned - that means all the Local authorities, charities etc. I would actually go further and send in the baliffs - send them to Iceland and take anything of value (buses, trains etc).

tweet

I'm just waiting for the announcement that thousands of Icesave customers' details have been stolen after a laptop was taken from a mans briefcase while he was bathing in the hot springs.

Not sure which is more worrying, Iceland trapping our money or the UK government dealing with the compensation claims.

PJL1

noh wrote: »

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

Oh yes, just log in and get our money back :j

web_ferret

This is quite simple.
Government log onto the icesave website and add how much money is in there in all our accounts. (1 hour)
Alistair Darling fulfils his promise that all funds are safe - and authorises a big money transfer order. (1 minute)

The Icesave website is re-opened and everyone pulls their money out! ( a few days)
Job done.