Are the FSCS Icesave Arrangements Fair?

Guesthouse

Of course not.

What should have happened was that we should each have had to submit a handwritten, grammatically correct explanation for why we should get our money back first. As an option, this had to be posted on 1st December at the earliest on a 1st class stamp to swamp the FSCS and ensure it got caught up in the Christmas post.

I reckon if the majority have their money by mid December you could almost claim that the FSCS (an organisation previously untroubled by an operation on this scale) did well. I know smaller outfits that couldn't have organised a meeting to discuss the events in the time it has taken some to get their money out.

smarmo

guesthouse - nobody is saying they haven't done well, the question is about whether the random method of payout is fair. The answer to which is quite patently no. Some people have their money back earning interest and others do not.

I can accept that they couldn't do the payments in one go and decided upon a ramdom draw (if indeed that's what it is) but I cannot accept that they couldn't send me an email saying "you've been drawn a place on day 1, 6, 8, etc"...that way people would know their place in the queue and all this waiting and inability to plan would have been avoided.

We would also have avoided the smug 'I'm alright jack' posts....

ajaxgeezer

smarmo wrote: »

guesthouse - nobody is saying they haven't done well, the question is about whether the random method of payout is fair. The answer to which is quite patently no. Some people have their money back earning interest and others do not.

I can accept that they couldn't do the payments in one go and decided upon a ramdom draw (if indeed that's what it is) but I cannot accept that they couldn't send me an email saying "you've been drawn a place on day 1, 6, 8, etc"...that way people would know their place in the queue and all this waiting and inability to plan would have been avoided.

We would also have avoided the smug 'I'm alright jack' posts....

... I've seen no smug "I'm alright jack" posts. I've made and seen "Folks, this is actually working as they said and we hoped. Hang in there!" posts. Please see the difference.

Guesthouse

smarmo wrote: »

guesthouse - nobody is saying they haven't done well, the question is about whether the random method of payout is fair. The answer to which is quite patently no. Some people have their money back earning interest and others do not.

I can accept that they couldn't do the payments in one go and decided upon a ramdom draw (if indeed that's what it is) but I cannot accept that they couldn't send me an email saying "you've been drawn a place on day 1, 6, 8, etc"...that way people would know their place in the queue and all this waiting and inability to plan would have been avoided.

We would also have avoided the smug 'I'm alright jack' posts....

In as much as any formulated method of payment (A-Z, Z-A, duration of account held, less than £10,000, more than £50,000) was bound to attract a complaint from Mr Ziggy Ziggers with £1 million in his account for 2 days or single parent Aaron Abel with £500 savings for his ill mother's christmas present, then the pot luck is about as good as it gets. Unless someone from the FSCS leaves a memory stick in a pub we may never know if there is any element of a human deciding that I get my money before Ziggy Ziggers or you get yours before Aaron Abel.

I would also suggest that nobody has posted "haha suckers, I've got mine, see ya later" type posts. Looking around the forums, anyone who has received their money has done so with good grace.

Good luck with your claim.

A^S

I can't believe any Icesave savers have the temerity to complain about this. You are very lucky to be getting a full payout so soon. The loss of a few weeks interest is unfortunate - but think how much more was at risk.

I saved with Kaupthing - specifically avoided Icesave because I wanted the protection of the British scheme. Now my money is under a Dutch scheme instead- but I still think the whole affair of Iceland's collapse has been dealt with very well.
Also any mention of £50k is spurious too - at the time most people put money in these accounts the limit for compensation was £35k. Anyone with more than this should be feeling especially lucky to have retained their money.

Guesthouse

A^S wrote: »

I can't believe any Icesave savers have the temerity to complain about this. You are very lucky to be getting a full payout so soon. The loss of a few weeks interest is unfortunate - but think how much more was at risk.

I saved with Kaupthing - specifically avoided Icesave because I wanted the protection of the British scheme. Now my money is under a Dutch scheme instead- but I still think the whole affair of Iceland's collapse has been dealt with very well.
Also any mention of £50k is spurious too - at the time most people put money in these accounts the limit for compensation was £35k. Anyone with more than this should be feeling especially lucky to have retained their money.

A good point which has been made over several threads since the start of Icesave's demise.
Which would you most grateful to lose?
a) £200 interest
b) £20,000 savings.

"Eh, I'm not sure, can I phone a friend Chris?"

innovate

ajaxgeezer wrote: »

... 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.

Very well said!

Quite amazing, somehow, what sort of complaints people have been coming up with since the whole thing blew up, and how quickly some people seem to have forgotten some basic facts (such as the passport scheme they accepted).

(NB.am still waiting for my 2nd email - have nothing but praise for the handling of the matter by the Treasury and the FSCS so far)

Vectra

has anyone actually got their money then?

I got one email

Thomas_Crown

Vectra wrote: »

has anyone actually got their money then?

Yes, I got my money back yesterday. I submitted my claim last Sunday within 2 hours of getting the second email from the FSCS.

monkeydog

smarmo wrote: »

guesthouse - nobody is saying they haven't done well.

Ahem...

in_the_cold wrote: »

i really don't get it - the FSCS is not doing a great job
the FSCS is doing something as opposed to nothing which falls far short of doing a great job
the FSCS is attempting to do what it is funded to do but due to lack of experience and effort is not getting there
FSCS is staggering payments for the benefit of the FSCS and the Treasury

in_the_cold wrote: »

if i had been reimbursed already, i would not be singing the praises of the FSCS

at most i would acknowledge that they had done what they were paid to do, albeit in a highly unprofessional manner, and that the whole matter was handled disasterously

Also, where are these, 'i'm allright Jack' posts?