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

chrisnw

Hi all,

Has anybody else checked the amount of interest paid by FSCS on their fixed rate account?
My commpensation cheque arrived today 2 weeks+ late from the maturity date, which appears about "Par for the course". However my notes say that the fixed interest rate payable on the account was supposed to be 6.7%gross AER. Given that the money has been in exacty a year I made a simple calculation which revealed that the rate actually paid by the FSCS is effectively 6.64% gross? It's only a few pounds and not worth delaying the payment any further, but do the FSCS have some strange way of calculating interest? The difference doesn't appear to be a whole number of days, nor relate to any obvious rounding errors.

DoraDimples

Rang FSCS a couple of minutes ago regarding the proceeds of my OH's ISA to be told that the proceeds would be imminent! I wont hold my breath.

Financial_Saddler

The good news : got our cheque today on a joint account maturing on 30/12/08. Wife was so overjoyed she immediately banked the cheque after phoning me with the news.

The bad news : discovered when I got home that interest had been netted out for both holders, even though one is registered for gross interest. i.e the payment was nearly £200 short. The letter states that banking the cheque means that the payment has been accepted in full and final settlement.

Frankly, I would have been loathe to return the cheque anyway and then be forced to wait for a correctly calculated cheque at some unspecified time in the future. However, I am not best pleased to be put in a position of allowing the FSCS to wriggle out of their incompetence so easily.

Any advice?

DoraDimples

After numerous phone calls and getting nowhere, I emailed [EMAIL="David.Lamb@fscs.org.uk"]David.Lamb@fscs.org.uk[/EMAIL] and yippee I got a response - only to say he was looking into the matter and would get back to me.

HE DID - he now advises me that my OH's ISA has been authorised and should be with us by the end of next week! So it looks like the email bombage worked! Will advise you all when I receive the proceeds.

mrkbrrws

Financial Saddler - do the FSCS split the compensation into capital, interest and tax deducted?

As it's a tax issue really, the non-taxpaying holder could send an R40 to HM Revenue & Customs and they will repay the tax.

live_in_hope_2

Phoned FCSC last Friday and was informed that my compensation claim had been signed off and that I would recieve a cheque this week. Will wait and see on that one and I wil not be holding my breath.

watch this space

Financial_Saddler

mrkbrrws wrote: »

Financial Saddler - do the FSCS split the compensation into capital, interest and tax deducted?

As it's a tax issue really, the non-taxpaying holder could send an R40 to HM Revenue & Customs and they will repay the tax.

No, they do not split out the figure but it is quite easy to deduce.

I'll go the R40 route, thanks very much for the pointer.

geosaver

:T:T:T:T:T:T:T:T:T:T:T:T:T:T:T

Received my cheque from the FSCS today for my fixed rate account which matured on Dec 16th and the application form sent off around the same time. This ends months of nail-biting!

:beer::beer::beer::beer::beer:

live_in_hope_2

Informed by FSCS customer services that my cheque would arrive this week, Sat mail just delivered and no cheque from FSCS. Am I suprised? not one little bit, I will be surprised if and when my cheque ever arrives. Not very confident that I will ever see my ISA money without a fight. No interest being paid on this money since 1st Oct, so who is sitting on the money and gaining interest without passing it on?

DoraDimples

Cheque has arrived folks! :j :T :j :T :j :T :j :T :j :T :j