Are the FSCS Icesave Arrangements Fair?

LGG_2

its as fair as it can be when its basically a random draw. someone will always be last. nothing u can really do about it.mind u it seems to be more stressful waiting for the email than the rest of the last month put together. so near yet so far lol

smarmo

From start to finish those at the front of the queue will be 24 days better off than those right at the end. Take someone with £20k reinvested with Halifax 6.5% for three months. That's a further loss of £85 for the person at the end of the queue and the rate may not even be available.

In my opinion it's nothing to moan about but please will those who already have their money see that there is nothing fair about this process...it's just a process.

Needless to say I am still waiting for my second email.

cwcw

ajaxgeezer wrote: »

... 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!!!

Easy for you to say when you've received your 2nd email.

PS. EU law states savers should be compensated within 3 months.

notarf

Now that the Icesave dust starts to settle - my thoughts on 'fairness'.

I had less than 50k with Icesave and feel very be 'pleased' to be getting my money back. I could also use the words 'fortunate' or even 'lucky'.
If I had lost the first 16k I would have felt pretty sick - primarily because I should have taken notice of the the warning signs a bit earlier - so partly my fault. Still, whichever way you look at it I was entitled to at least some form of compensation (not forgetting the passport scheme) having kept my savings below 50k.

However, I still find it staggering that people who had more than 50k saved are also not losing anything, even though they were 'reckless' (other words spring to mind) enough to disregard the recommended limit. Some with fixed term bonds won't even lose interest. The words 'fortunate' or 'lucky' are totally innappropriate in this case.
I wonder what words the Icesavers of Guernsey would use.
For a number of reasons, I think that Alistair Darlings pledge on Oct 7th to compensate beyond the 50k limit will be questioned in the months and years to come. I'd be interested to know how the decision was arrived at.

cwcw

notarf wrote: »

For a number of reasons, I think that Alistair Darlings pledge on Oct 7th to compensate beyond the 50k limit will be questioned in the months and years to come. I'd be interested to know how the decision was arrived at.

Opinion polls at the time.

ajaxgeezer

cwcw wrote: »

Easy for you to say when you've received your 2nd email.

PS. EU law states savers should be compensated within 3 months.

... six months in 'exceptional circumstances'. Countries going bust warrants the use of "exceptional", me thinks. Also, the first 16k was the responsibility of Iceland, not the FSCS.

I'd encourage all of those who are unhappy with the FSCS to go the alternative, original route of claiming from Icelandic passport scheme, and THEN contacting the FSCS for the remainder up to £50,000 and losing everything above that amount.

Let's see who's unhappy with the FSCS then.

ajaxgeezer

cwcw wrote: »

Opinion polls at the time.

Agreed!!!!

DocProc

After the comment about there not actually being any money in the Icesave accounts and it being British money being used for the payouts, I am waiting to see if we get a double payout for our Joint account.

Yesterday, I did mine, deleted cookies, and then my wife did hers afterwards and then she deleted cookies too. In retaining security by not watching over each other's shoulder, we didn't find out until afterwards that we had each instituted a claim for our Joint Account.

Ah well. I sincerely hope there are some funds left, of whatever denomination, at the end of this massive exercise, for those who find themselves at the end of the queue and don't get their second e-mail until the 4th of December.

Naturally, if we do get paid out twice, my wife will honour any claim made against her, because of course, she did claim after me.

jimkenyon

ajaxgeezer wrote: »

...

Let's see who's unhappy with the FSCS then.

Thats very easy to say when you have received your second email and money. While you start to earn interest on your money again others who are still waiting are continuing to lose interest, which in many cases is the source of their income, which is an additional source of stress to many..

The FSCS are making the payouts because of instructions from the government . The way they are doing it can be described as unfair and discriminatory as everyone is not being treated equally.
:money:

DocProc

Apologies in advance for my windup post above.