FSCS Compensation: Your Questions Please

MSE_Martin

Hi folks,

I know there are many questions about compensation and what will happen.

So far

1. How will the ISA wrapper be operated
2. What will happen to fixed rates (most likely they are gone, as this is a compensation payout not a reinstatement of an account)
3. How will the compensation be paid out

And I know there are many more

The aim of this thread is to collect questions - which we will try and get answers (though that'll take time as I suspect the FSCS doesn't know itself yet, but it will help to build a database).

So if you have a question please leave it below.

IMPORTANT:

Please can you ONLY post questions for clarifications from the FSCS, rather than use this as a general discussion thread. Pls use others for that.

nilrem_2

Here's one,
I have my interest paid monthly into my linked bank account,
one of my icesave accounts shows interest paid for the month of October but it was never paid to my bank, I never received it nor has it been added to my balance, it is just listed as paid, What will happen to this interest?

Lyncroft

1. Yearly accounts. When will they be paid out. When will interest be paid up till?

2. Normal current accounts with interest monthly - when will the interest be paid up till?

Thanks

GlasWolf

How will payment be made to those without linked accounts, or who wish it to be directed elsewhere (i.e. will BACS transfers be available)?

missmilly

I wonder what will happen to the money in accounts where the opening balance is shown only as 'processed' but not 'cleared'.

The 'cleared' balance remains as zero, whilst the 'procesed' balance shows the amount with which the account was opened.

The details of the deposit are shown as DD BACS C/TFR on 6/10/08.

Many thanks

bluu2k

On 24 Sep I submitted ISA Transfer Form, asking Natwest to take the whole lot of my cash ISA from ICESAVE. Now, my Natwest ISA a/c is openned, ready to receive the fund and just pending to fund release from the other end.

Is there any way that my ISA money could be transferred directly from Icesave to my Natwest a/c without any middle a/c? Can Natwest just submit my Transfer Form to FSCS and take money on my behalf, then put the whole sum to my Natwest ISA a/c?

Is it a doable?

(BTW, I also have a Natwest current a/c linked to my ICESAVE's)

Many thanks,

Patr100

On the question of interest, my monthly interest was usually credited on the 14th of the month.
Now since the default happened around the 7/8th of the month - we were to recieve interest at least up the date of default so where is the interest from the period 15th Sept to say 7th Oct that still hasn't been credited to my account? -

cwcw

Will last minute (6th/7th Oct) "panic" Chaps withdrawals from ISAs that subsequently bounced back into the ISA still be eligible for ISA status?

ExBanker_2

I really want to know what will happen to those of us who don't have linked accounts. I cancelled mine when i recently changed current account. Nothing is linked on icesave anymore...

(Can i still ask icesave to add a linked account so my compensation can be paid this way if FSCS decide to go down this route?)

MM46

How will we fill in forms when we have joint accounts (my husband and I have 3 joint accounts, 2 fixed term and 1 instant access) plus an ISA each? Do we put half of each joint account on each individual form?
Thanks for your help

DawnW

What exactly is going to happen about fixed term (2 year) accounts? There seems to be various conflicting information going around about these. I would guess that a lot of account holders had these, and that is why people did not just remove the money when rumours started to circulate about the status of the Icelandic banks. That is certainly my situation.