Icesave compensation payouts... how to keep the pressure up

MSE_Martin

I was asked on another thread what MSE would be doing to help in the campaign to get Icesavers their money back.

The first thing to say is we have a binding promise from the Chancellor made numerous times that ALL monies that were in Icesave will be covered (and so there's no doubt this means above the £50,000 limit too). The key question though is "when".

The first thing to say is we've been working hard on it in the background, but I can appreciate the visibility people want. Obviously for hardcore info the most important place to look is the Safe Savings guide, which has all the "how tos"

So here are my mullings on the situation so far & where we go from here.

The situation so far...

We have been in almost daily contact with the FSCS, the Treasury and the FSA trying to find out what's happening. Some of this has been in regard to the Kaupthing Chaps payments, an issue that looks to be close to conclusion, the rest about FSCS compensation for Icesavers.

As you will know last Friday the FSCS put a statement out saying details on the compensation scheme should come this week.

There really isn't much we can do in the meantime as when we ask anything we're told "it would be inappropriate for us to say anything" for most questions.

It is my hope and expectation that something will come out this week and everything I write below this becomes totally irrelevant. Yet as many have asked and urged to know "what if" I thought I would share some thoughts.

What if nothing is resolved.

The mainstream media has gone quiet on Icesave for the moment. And I'll be honest, when I've wanted to talk about the issue at some outlets i've been told its 'not interesting' as things have moved on. News likes variety not the same aspect of the same story week in week out.

Yet of course to those with money on hold, it is crucail. The aim now, if nothing is sorted quickly is to pick the right timing to get it back on the agenda, which in turn should to help push the political will to get payouts out quickly.

Looking back to the Monday when Icesave first stopped withdrawals. We put a strong release out that day saying "the govt has to back up its promise that all savings were safe" with some deliberately choice language.

This got a good deal of coverage, and contributed a touch, in pushingthe politicians into acting to reinforce the protection payouts on the Wednesday.

We have already been told of an 'accelerated' payout system, which helps, as even if its sophistry it gives something to go on.

The important thing is to keep the pressure up to ensure that Icesave money is paid as quickly as possible rather than sitting on the beurocractic backburner.

To get the story in the public eye again we need what is called a "peg" some-event that resonates and can get this story on the news pages and in vogue again.

For me it seems there are two obvious opportunities

1. When the announcement of payouts come out
2. At the 1 month anniversary ie "One month on and Icesavers still in the cold" type thing. (though actually you do all of it the day before ie 6 Novemeber - that way its all in the papers for the actually one month anniversary)

It's to be hoped that such a push won't be needed and we'll be given a legitimate expectation of payout times soon.

If not then the site and I will be out there using our PR resources to try and push to get the story heard and the messages across. And therefore those interested in helping it'd be great if you stayed in touch with this thread.

One thing I would say is, when you do these things, you only get one or two shots at it, screaming every day about something negates its power and any influence you have. So anything done should be as co-ordinated as possible.

Martin

Of course, as always, the site will be here for discussion, and to try and ensure everyone gets what they're entitled too as quickly as possible, and all factual updates rather than lobbying updates with be in the safe saving guide.

st

MSE_Martin wrote: »

I was asked on another thread what MSE would be doing to help in the campaign to get Icesavers their money back. We've been working hard on it in the background, but I can appreciate the visibility that's needed.

So I thought I would give you my mullings on the situation so far and what needs to be prepared.

The situation so far...

We have been in almost daily contact with the FSCS, the Treasury and the FSA trying to find out what's happening. Some of this has been in regard to the Kaupthing Chaps payments, an issue that looks to be close to conclusion, the rest about FSCS compensation.

As you will know last Friday the FSCS put a statement out saying details on the compensation scheme should come this week.

There really isn't much we can do in the meantime as when we ask anything we're told "it would be inappropriate for us to say anything" for most questions.

What if nothing is resolved.

As you will be aware the mainstream media has gone quiet on Icesave for the moment. And I'll be honest, when I've wanted to talk about the issue at some outlets i've been told its 'not itneresting' as things have moved on.

Yet of course it is a crucial concern, and the aim is to pick the right timing to get it back on the agenda, to help push the political will to get payouts out quickly.

Looking back to the Monday when Icesave first stopped withdrawals. We put a strong release out that day saying "the govt has to back up its promise that all savings were safe" with some deliberately choice language.

This got a good deal of coverage, and along with many others issues, one hopes it helped push the politicians into acting to reinforce the protection payouts on the Wednesday.

We have already been told of an 'accelerated' payout system, which helps, as even if its sophistry it gives something to go on.

The important thing is to keep the pressure up to ensure that Icesave money is paid as quickly as possible rather than sitting on the beurocractic backburner.

To get the story in the public eye again we need what is called a "peg" some-event that resonates and can get this story on the news pages and in vogue again.

For me it seems there are two obvious opportunities

1. When the announcement of payouts come out
2. At the 1 month anniversary ie "One month on and Icesavers still in the cold" type thing.

It's to be hoped that such a push won't be needed and we'll be given a legitimate expectation of payout times soon.

If not then the site and I will be out there using our PR resources to try and push to get the story heard and the messages across.

One thing I would say is, when you do these things, you only get one or two shots at it, screaming every day about something negates its power and any influence you have. So anything done should be as co-ordinated as possible.

Martin

Of course, as always, the site will be here for discussion, and to try and ensure everyone gets what they're entitled too as quickly as possible.

thank you Martin at last what we all want to hear from you :beer:

shindigger

Great. So, if theres nothing concrete soon:

November 7th.
10.30 am.
Outside the FSCS office.

I will be there.
A 500 strong queue should get on the news.

st

shindigger wrote: »

Great. So, if theres nothing concrete soon:

November 7th.
10.30 am.
Outside the FSCS office.

I will be there.
A 500 strong queue should get on the news.

me too and the wife

MSE_Martin

shindigger wrote: »

Great. So, if theres nothing concrete soon:

November 7th.
10.30 am.
Outside the FSCS office.

I will be there.
A 500 strong queue should get on the news.

I think if nothing has been said after a month that (or outside treasury) not inappropriate. However if you do these thing the numbers need to be right. It certainly will be a good photocall and get things back on the agenda. However there are other options too - whether a demo is right depends, certainly case studies for the press and some clever photocalls may work.

martin

shindigger

st wrote: »

me too and the wife

Top stuff.
From 230,000 savers we must be able to raise 500. EASY!

A friend of mine has suggested we hire fish and puffin costumes.:cool:

meunier

I will be there if it is determined to be the best action. I don't think costumes will be necessary - surely there will have been enough cover up if it comes to that point - Honest people looking for an honest response will, I still believe, speak to the hearts of many - and that surely will still sell at least a few 'proverbial papers' and give them a story.

Thank you, Martin, for finally making a response. It is, as with everything, the waiting that is Hell.

shindigger

Okay. i'll cancel the haddock suit then.
BUMP!!!!!

lew_lewis

We could try emailing our MPs. A bit tame I know but if enough of us do it the issue might flow to the top of the in tray.

I wrote to my MP last Thursday and still waiting for a reply

amistupid

Thanks Martin. Hoped you enjoyed your holiday! (Only joking mate! )

nilrem_2

TBH I think that we are being a little impatient expecting things to happen very quickly, like everyone else I am desperate to get my money back but IMHO we should start 'hectoring' if we have no prospect our our cash back after 1 month.