Has the Government set a precedent?

nilrem_2

evenasus wrote: »

Only if my savings had been in a British bank and/or if I had under the guaranteed limit.

People knew about the guaranteed limit and the risk of savings with a foreign bank.

But the point is that is was not a 'foreign' bank it was a bank operated in the UK, approved by the FSA etc and recommended by many financial advisor's both on the net on TV money programmes and in various newspapers, it was owned by an Icelandic company but bear in mind that not all so-called British banks are actually owned by British companies.

Some people are now very wise about the guaranteed limit but most people have only been aware of this since the credit crunch started, many of us locked money into Icesave fixed bonds before the guaranteed amount became an issue, hindsight is a wonderful thing.

For decades people have saved their cash in various financial institutions without any concern of guaranteed limits, these limits have only been of any relevance in the last 12 months or so.