Icesave – loss of interest – FSCS renege on Treasury undertaking

ad44downey

witchard wrote: »

I urge readers to write to the FSCS, make a formal complaint, and seek recovery of interest in accordance with the Treasury’s undertaking.

Don't do that. They might change their mind and let you try to get your money back from the Icelandic government!

Greycrow

I, too, will loose a few hundred in interest. But only for prompt government action I could have lost a substantial chunk of my investment, as well.
I, for one, wont be complaining. In fact,I might even send Gordon a christmas card this year.:D

ScarletBea

I'm not complaining either, gosh!
Some people always want more, more, MORE! hehe
Just be grateful that you're getting compensation, according to the guidelines. I never EVER understood the statement that our money's protected and that we wouldn't lose anything (in any bank account) as meaning that we wouldn't lose interest - everywhere we see that information, it always refers to the original invested capital.

Icesaver

I've already posted my thoughts on 'lost' interest here

http://forums.moneysavingexpert.com/showthread.html?t=1271085

nilrem_2

witchard wrote: »

The decision of FSCS not to pay interest on deposits from the date of default to the date of payment of compensation is quite clearly not in accordance with the Treasury’s undertaking that no retail depositor will lose any money as a result of the collapse of Icesave.

I urge readers to write to the FSCS, make a formal complaint, and seek recovery of interest in accordance with the Treasury’s undertaking.

Perhaps you would like them to send us all on a Caribbean holiday as well to compensate us for all the anxiety we have been caused!:rolleyes:

I estimate that I will have lost at least £600 in interest since Icesave crashed but I really don't see that the FSCS are responsible for this and I most certainly will not be taking your advice and complaining to the FSCS!:rolleyes:
I imagine that most people here are happy at getting their deposits back rather than trying to hassle the FSCS for every last penny!

Icesaver

nilrem wrote: »

I most certainly will not be taking your advice and complaining to the FSCS!:rolleyes:
I imagine that most people here are happy at getting their deposits back rather than trying to hassle the FSCS for every last penny!

Seconded..

DocProc

I just want to add one more voice to those others on here to say I'm well pleased with what the Government and the FSCS have done for us Icesave investors.

I really do think they have gone much more than the extra mile on everything, too.

It looks highly likely that everyone is going to be paid back everything and all within only TWO months of Icesave's failure.

That is utterly fantastic!

Rather than a complaint, I think they need a lovely letter of praise and thanks and my wife and I will certainly be sending them one.

Lavendyr

I'm an Icesave saver and I think the original post is, quite frankly, daft and ungrateful in the extreme. We are so fortunate to be getting that money back (and remember, taxpayers are footing the bill!) - just be grateful for what you've got rather than complaining that you aren't getting more!

Blackdog

It was such a relief when the Government said 100% of savings would be guaranteed. Lets not forget that we could be losing a whole lot more than just a few weeks interest. Please do not complain to the FSCS, I expect they are all working their socks off to get us our money back, we don't want them being sidetracked dealing with complaints about loss of interest.

ed123_2

....I too am rather peeved at losing several hundreds re interest paticually as Brown apparantly knew of the Icelandic banking problems as early as April this year. However I am extremely grateful I am getting my money back.
People have to look at what actually happened here-the majority of accounts had £15k or less which effectively meant in these cases the Treasury/fscs/fsa had no responibility at all re compensation. The people who had more than £50k were not covered by anyone, at a cost to the tax payer of £600 million. The total cost to the taxpayer was £4 billion, thats a lot of hospitals/jobs. I believe this only got through because of the general £37 billion bail out of the main banks on the same day. So the fscs will hope to claim the bulk of the £4 billion from the Icelandic authorities.....some hope. In my view the fscs will only be able to levy the cost of approx £16k-£50k from the banks , the balance either side being funded by the taxpayer. So there you have it, we have been largely bailed out by the taxpayer re the uk subsidiary of a foreign bank. (nb If you note Darlings exact words he talks of execeptional circumstances re a foreign bank subsidiary ie he won't do it again.)