Icesave FSCS. Did you get it? Is it all sorted.

MSE_Martin

If you were/are eligible for Icesave compensation please answer the poll
(if any regular options are missing pls suggest them)

What's it about?

In autumn 2008, the Icelandic bank Icesave went into administration, and the UK government agreed to ensure all savers would get their money back (rather than just the £50,000 guaranteed) via a scheme administered by the Financial Services Compensation Scheme). See the Safe Savings guide for more.

The vast majority of people should've and did receive their payouts in November (which to be fare to the FSCS was months ahead of when it was obliged to sort it)

What's this poll for?

The aim's to collate information, in order to be able to help those who haven't got their money yet. Using the information provided, I intend to try and speak with the FSCS and try to help ensure its sorted.

The poll isn't to be used for stats purposes, more as a general overview.

What will happen next?

Once the info is collated, we'll get in touch with the FSCS to try and get the latest information and let it know what we're hearing. Over the next few weeks THIS TOP POST will be updated with info.

If you havent got your money back. Please do note it below (without giving away personal details) the amount and what the situation is so far.

Martin

sheslookinhot

Everything sorted within 10 days of applying for compensation. 2 weeks longer for ISA Certificate.

Cheers to the FSCS. :beer:

mike88

The FSA did a most incredible job.

My only slight gripe is that they are not issuing tax certificates so I must hope HMRC will accept the figures given in the event of an enquiry.

[Deleted User]

The fscs did a good job re immediate payment to many but those of us with fixed rate bonds have not all received any other paperwork yet and we feel as though we have been fobbed off

sloughflint

Was unable to process two Power of Attorney accounts electronically. ( one easy access savings and one ISA)
Have been trying to obtain a paper application ever since 25/11 ( when my second email for my own accounts under the same username arrived).
No replies to numerous emails, webforms, letters sent.
Phone support ineffective. Pushed from one department to another( London, Bristol, Newcastle). Empty promises given.

FSCS process was excellent for the majority ( including my own accounts) but exceedingly poor at troubleshooting individual cases.
Phone staff do not take down details of concerns -only reiterate bland statements that can be read from the website.
Not impressed and at a loss as to what more I can do.
Would welcome your input Martin.

As for the poll options, I chose the 'other' option rather than the 'waiting for paper application' which might have been for the fixed bond individuals who have chosen to wait until maturity and were expecting an application form.

vinnythehat_2

Hi, my wife and I are still waiting for our money(£28,000) out of our Icesave ISA.
We never received the 1st email from the FSCA,(and yes we did check the spam mail as well !) I rang them and eventually we got the 1st email, we waited for the 2nd one...this never arrived, so rang again and eventually we got that one, but when we went onto the icesave site, we couldn't use our passwords, so rang FSCA again, they said they would send us fresh passwords via email, and you guessed it, they never arrived...spoke to them again(at least twice more) no emails arrived...they then told me we would have to go down the paper application route..one letter recieved ..telling us we would have to go down the paper route !!!! and since then nothing....we believe that they are starting this 'paper route' some time in the New Year...as you probably would agree...we are not holding our breaths.
Regards Vinnythehat

Onawingandaprayer

Had a couple of small online accounts sorted out 'electronically', but the rest has been a nightmare.
Currently got £50,000 in a joint account just stuck in limbo.
Details:

I received my 2nd FSCS/Icesave email on November 12th and opted that day to leave my Fixed Term Savings Account to run the full term, until 24th November 2008.

As of today, Dec 29th, I still have received no paperwork, despite being told on five separate calls that "it's going out this week."

I phoned again on Dec 23rd and was told by one of the FSCS advisors (a male with a strong Northern accent) that none of the paperwork for Fixed Term Accounts is going out until the end of December.

This cannot be right! Or if it is, why didn't the FSCS website FAQs say so. Nobody in their right mind would leave their money in there if they were told it might not be with them for up to three months after the fixed term had ended.

When I told him that various people on web forums (MoneySaving Expert and The Motley Fool) say they have received their paperwork, he told me I shouldn't believe what I read on the forums! (I think I tend to believe it more than the FSCS as their advisors are giving me the runaround.)

I then told him that a couple of friends had also received theirs and he said they must have been mistaken!

As I cannot get any meaningful response from the FSCS, I sincerely hope you can, as this is extremely worrying. I opened an Icesave account in good faith and kept to all the FSCS guidelines and cannot see why we should be penalised.
What a huge mistake it was, in hindsight, to wait until maturity. I feel we should be compensated.

mrkbrrws

No. Waiting for a paper application to be sent.

This thread explains the situation:
http://forums.moneysavingexpert.com/showthread.html?t=1276557

I spoke to someone at the FSCS today and asked if they could check if my form had been sent out yet. He said they couldn't do that but the forms are being sent out over the next 2 or 3 weeks.

He suggested ringing again next week if I haven't had one by then.

I'm just lucky I don't need the money (£39,000) at the moment. Getting more annoyed at losing interest each day though, and have written to my MP as I feel it is very unfair that some people are arbitrarily having to wait and lose income.

LesU

Onawingandaprayer wrote: »

As of today, Dec 29th, I still have received no paperwork, despite being told on five separate calls that "it's going out this week."

I phoned again on Dec 23rd and was told by one of the FSCS advisors (a male with a strong Northern accent) that none of the paperwork for Fixed Term Accounts is going out until the end of December.

This cannot be right! Or if it is, why didn't the FSCS website FAQs say so. Nobody in their right mind would leave their money in there if they were told it might not be with them for up to three months after the fixed term had ended.

When I told him that various people on web forums (MoneySaving Expert and The Motley Fool) say they have received their paperwork, he told me I shouldn't believe what I read on the forums! (I think I tend to believe it more than the FSCS as their advisors are giving me the runaround.)

I then told him that a couple of friends had also received theirs and he said they must have been mistaken!

It's not very useful when the support team for FSCS start lying to get you off the phone. I have 2 fixed term accounts matured 1st Dec. I received the paperwork on the 20th Dec. and returned it the same day (1st class pre-paid). Of course, courtesy of the Post Office gearing themselves up for the Christmas rush, the letter wasn't collected until the evening of the 22nd. Nevertheless, I am now waiting for the last phase to occur i.e. my cheque(s?) to arrive.

Biggles

I got the paper application form on 27 Nov, and received my PoA form back from FSCS a couple of days after I returned the form. I've heard nothing since then, though.

sloughflint

On the subject of conflicting verbal messages, I might add that I did try sending an application form taken from a scan on this forum and sent in with Power of Attorney documents.

I received the documents back with a reference number and clearly a standard worded letter saying my claim would be processed in due course.

However all phone calls since ( in my attempts to get the correct application form) have told me that this would fail since the bar code of each application is unique.

I have therefore disregarded the validity of that standard letter.No other written communication received.

Update:
Form now received. It contains no bar code!!!!!
So hopefully my earlier form ( thanks to MSE) may be processed after all.
Of course this one will be sent in too( to the main London address rather than Darlington I notice).