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

bryanb

TattyBear wrote: »

I'm afraid that many of us are no longer prepared to believe the government line on this, especially since it's become clear the FSCS won't pay out a single penny, not even what it's liable for under law, before the money has been obtained from Iceland.

Is this what's meant by " Egg on face"?

justaquickie

dougk wrote: »

Still think the easiest way would be to say icesave.co.uk is now part of Newcastle building society and that the accounts can be accessed as normal for people to do whatthey want. e.g. icesave UK is NBS now. This way there would be no need to do anything at all - just a change of ownership (maybe with modified interest rates).
The government could then bung the funds to NBS and then go about getting the money back from whatever Icelandic assets they can (including those in iceland!)

That would suit me too. Even if it's separately ringfenced and branded: WhyayeSave maybe?

purplevamp

I'm still concerned about my ISA which was in transit when it all failed. I've tried to get it reversed by Lloyds but they said they can't and Icesave say they haven't received it or if it's arrived it can't go into my account. I have other savings with Icesave, which are safe but the ISA is a worry.

rebeccaj

Lisa_J wrote: »

Thank you Martin


I LOVE YOU !!!!!

XXXXXXXXX

:beer: :T :T :T :T

just because he has reported some information available on the FSCS website

Jeez.......

Scooby64

Some people on this site just seem to want to B1tch about nothing.

I said all along it would be 4 - 6 weeks and it is. The idea of transferring accounts to NBS was rejected as it would be unfair competition - It would cost £Millions for NBS in advertising to attract that many new accounts, but returning the money to your "home" account should spread the funds throughout the sector.

As far as ISA status - any ISA funds in Icesave will be transferred back to your bank, but in a new ISA designated account, not your current account.

As it stands:
1. We all get ALL our money back - even those daft enough to have more than £50k, and whether or not Iceland pays its share
2. We'll get it back in record time for a process which has never been undertaken anywhere in the world on this scale before
3. We'll only have to log-on and confirm a few details (no form filling)

For anyone, that's a RESULT! - stop complaining about 1 month of lost interest!

meanmachine_2

Scooby64 wrote: »

For anyone, that's a RESULT! - stop complaining about 1 month of lost interest!

Er, it hasn't happened yet.

No one has seen a penny of their cash returned to them.

Save your posturing and self-congratulating for the day we DO all get our money back, why don't you?

Until then it's all just words, words, words.

easteregg_2

Scooby64 wrote: »

The idea of transferring accounts to NBS was rejected as it would be unfair competition - It would cost £Millions for NBS in advertising to attract that many new accounts, but returning the money to your "home" account should spread the funds throughout the sector.

What about the thousands of savers who were transferred from Kaupthing Edge to ING Direct which is a foreign bank and not even backed by the FSCS ? NBS is a building society, still backed by the FSCS and owned by its members, so I see no problem with the suggestion and I would definately support it.

nilrem_2

Scooby64 wrote: »

1. We all get ALL our money back - even those daft enough to have more than £50k,

TBH I don't think that is quite fair! Many of us placed our savings in an Icesave Fixed account when Icesave was perceived as a very safe haven for our money, we were told (by lot's of Financial places and people) that it had in fact a better guarantee than many of the British banks because it had extra protection from Iceland a very rich country! Don't forget it is only recently that they started advising people too split their cash up and it was not possible for many of us with fixed savings.

It is easy to be wise and hindsight is a wonderful thing, many of us have had a worring few weeks and it is has not helped by smart alecs telling us how stupid we were!

dougk_2

Scooby64 wrote: »

The idea of transferring accounts to NBS was rejected as it would be unfair competition - It would cost £Millions for NBS in advertising to attract that many new accounts, but returning the money to your "home" account should spread the funds throughout the sector.

For anyone, that's a RESULT! - stop complaining about 1 month of lost interest!

So the merger of HBOS and Lloyds (forced through in principle), Abbey and A&L, Nationwide and the BS (Which my I can't remember) are not unfair competition then?

If not NBS then it should have been transferred Direct to Northern Rock seeing that is nationalised and run with our money and the money spent to sort out the icesave mess is our money.

Lets face it NBS don't pay the best rates so a lot of people would have moved their funds anyway so I don't buy the "unfair competition" argument - also where have the other banks been in trying to help (any one of them could have "purchased" icesave).

Secondly a months interest is A LOT of money to some people. even if its £25 it can make a big difference - lack of £25 could quite easily mean £50 of bank charges if you rely on that income , so in reality its a £75 loss which then grows and grows.

The long term solution has to be the better regulation of foreign banks with UK branches or UK activites and probably the scrapping of the passport scheme with compenstion schemes actually having the funds in them , rather than needing to "draw down".At the same time if the top brass at finiacial institutions were personally liable for any loses (eg their house and savings are taken upon loses being made) then I am sure you would see the industry being run in a different way.

Pssst

Mu guss is that they will just reactivate the icesave website but with some kind of restriction so that people take it in turns to initiate bacs transfers.