Are the FSCS Icesave Arrangements Fair?

jimkenyon

While I'm happy that savers are now having their money returned what about those at the end of the list for the second email?

Apart from the additional lost interest, which can be significant, there is the stress and anxiety of not knowing when the second email will arrive - if it does!

Comfortably_Numb

The fact we've all been promised we'll get all our money back is good enough for me.

When it blew up, there was a real fear we'd not get it all back, and I was certainly expecting to wait much longer than this.

I think they've done a good job, and I am grateful for that. I haven't got my 2nd e mail yet either.

nilrem_2

I think we can be confident that we will get our cash back eventually but I as I wrote in another thread I do not think it is fair that some people may have to wait possibly until 4th Dec to get their cash back, until Monday we were all treated equally now some are at a disadvantage which could cost them quite a lot of interest loss.

I favoured an electronic transfer but now I am not so sure TBH, had they used a paper based system at least we would have a fair chance of not being last whilst people who were tardy returning forms would wait longer?

But we mustn't complain about losing interest, we have to be grateful!:eek:

ajaxgeezer

jimkenyon wrote: »

While I'm happy that savers are now having their money returned what about those at the end of the list for the second email?

Apart from the additional lost interest, which can be significant, there is the stress and anxiety of not knowing when the second email will arrive - if it does!

... I've been chatting with nilrem on another thread and we basically agree that those at the front of the queue are happier than those at the end of it. The way I see it, there has to be a queue, because there are too many claims to handle everything at once. In any queue there will be a first and a last.

They are paying out everyone (who wants it) within two months, when the expectation would have been anything up to six months once they got involved... and really, it should have been months before they even got involved.

I don't see how it could be fairer, even to those at the back of the queue.

Well done the FSCS!!!

jimkenyon

ajaxgeezer wrote: »

...
I don't see how it could be fairer, even to those at the back of the queue.

Well done the FSCS!!!

It would have been fairer if in the first email they had indicated when the second email would arrive, what criteria they were using for selection, etc.

Personally, I will just be glad to get my money back.

£$&*"($£&(

I would have happily volunteered to be last in the queue as long as I get the money, although I'm saying that having received the second email yesterday. It has to be said that the FSCS have shown a high level of competence in this process - much more I think than anyone predicted or expected.

nilrem_2

ajaxgeezer wrote: »

I don't see how it could be fairer, even to those at the back of the queue.

Well done the FSCS!!!

Yes but you have had your 2nd email and money!:o

paulboy83

I don't think there is any kind of unfairness going on, as far as we know its a random payout, if the op had his 2nd email already would there be any claim of unfairness from them? It's a random process and we will all get emails eventually, there is no need to get stressed about the process as its the process that we were told was going to happen, just because it doesnt favour you it doesnt mean its not fair.

dunstonh

What else would you want other than your money back?

The FSCS is not some scheme to pay out for inconvenience. Remember that other firms who are solvent and in many cases have nothing to do with the banks are going to have to pay more to cover these payments.

Every indication is that the FSCS is handling this very well. Especially when you consider that they are not staffed for this sort of issue and this is something that has never happened before.

LumpyCustard_2

I'm quite happy just to be getting my money back. I've not had the second email yet, but that's not causing me any anxiety because I'm confident it will arrive, and even if it doesn't, there is someone to call to sort that out. I can understand that if you really need the money it could be stressful waiting, but otherwise, no reason to worry.

JayTee99_2

it must be really frustrating waiting for the email etc, but at least you know it will happen shortly,

surely HAS to be a lot better than watching & waiting for media news reports of an agreement with Iceland before any payments could be made, over 5 weeks now and seemingly no agreement in sight..

but reading these posts it's good to see that people are being realistic about the situ