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

kiranj

Very straightforward. Was getting to late November when I got the 2nd email...so was starting to get nervous. But all was very smooth, and within the timescale they promised.
It's good to know that most have had the same...though perhaps not much comfort to those who are still waiting.
Thanks to Martin & all the users of this site...it's very reassuring to share with everyone here!
K

becky_s_2

My experience of the FSCS is that they have handled a hugely nightmarish problem incredibly well for the most part. The website was kept up-to-date and they did what they said they would, when they said they would. My husband and I had no problems in getting back the money from our ISAs at all, which was a big relief.

Arcoiris

The FSCS were absolutely fantastic. The email arrived within a couple of weeks. The log in went without any problems and within a few day I received my money into my account, followed by the ISA certificate.
The FSCS helpline was also very helpful, with courteous and knowledable staff. Well done FSCS!!

Deevee_2

I had 4 accounts and successfully did 3 of them online but the 4th had a wrong balance due to a non credited payment and I am still waiting for that money. I eventually received a paper form which I have returned.

drrdf4

Probably for those whose interest was calculated correctly for the last period by Newcastle Building Society (NBS) staff and who did not have term bonds it all went quite well. However, for any who had monthly interest term bonds and any for whom the NBS calculated the wrong interest it has been a total shambles. The web site process did not take these situations into account and presented an approach of total confusion with no options to cover any errors made by NBS or FSCS, and only a required acceptance of the blanket terms and account calculations at the beginning of the on-line process, which meant any saver whose situation did not conform to their blanket scenario due to errors could not proceed.

I wrote to the FSCS early on, telephoned them several times and explained the problems with the calculation of interest, including as they had asked copies of the print-outs of my account from their web site. They just could not cope, since they had not provided for that eventuality. I have never received any reply. I still have not received the paper claim form. The first problem was that the NBS staff had been unable to calculate the correct interest due for the last few days. Additionally they had confused the payment of monthly interest due for the 3rd October, and had shown the amount paid out of my account, then paid back in again then paid out again and then paid in again. They had computed the final interest to be 1 p !!!! I actually managed to get a telephone number for the NBS staff who had made these errors, and I spoke to them. They agreed that errors had been made, but refused to correct them, and said I would have to take it up with the FSCS. Of course when I did this the FSCS did not respond at all! The other issue was that FSCS did not explain the new terms offered if a saver opted to continue with a bond. (They stated that it would become an interest on maturity bond but did not state the other terms, such as whether the conditions would be continued without any loss of the same interest; i.e. with a monthly interest bond whether the interest would continue to be added to the principal monthly or only added at the end of the year, which would alter the APR.)

As I mentioned I still have not received a claim form from FSCS. Effectively therefore it is now a situation of being held to ransom under duress, since although I had a monthly interest account and still need that, since I am a pensioner and rely on monthly interest to pay my Council Tax and Utility bills etc., I am now forced to accept a bond changed to interest payable at maturity, since if I do not by the time I would receive the money after the FSCS had sent out the paper claim form eventually, and corrected the errors in interest made by the NBS staff, I would have lost about 6 months interest, which in my case is about £1200. So I am really left with no option other than to accept my bond being changed to a maturity interest bond so as to avoid losing the £1200, which for me is a lot of money.

Altogether therefore my experience has shown that the FSCS have organized a shambles unless you happen to fit into the bulk category where you did not have a monthly interest bond and did not have any errors in the computation of interest by NBS or did not have a linked account. I still have not yet received a paper claim form, despite my letters and telephone calls to the FSCS early on. Organized Chaos is the best way to describe it, from my point of view.

yvonnewelshwarrier

I was abroad when it all went pear shaped. I emailed FSCA from Portugal who emailed back to say calm down etc.

The first email was 2 days after the start date & 2nd email 3 days after start date. Logging on & transfer went without a hitch.

orangekazzie

I had mislaid both my username and password and they were very good at sending me my username after the security questions. I was able to log in and get the money transferred without any hassle. Money arrived within 5 days.

jackiechan_3

NOT GOOD ENOUGH!

I transferred a cash ISA to IceSave earlier in the year from Halifax. The Halifax account was closed but it was kept as my nominated account. When I finally got my emails inviting my to log in and initiate the electronic transfer, there was no way to change the nominated account. When phoning IceSave / FSCS I was told that it was too hard to add in the feature of letting users change the nominated account. I was assured that a paper application would arrive by early Dec. Still haven't got one yet.

It simply cannot be that hard to add the feature on the website for changing the nominated account. It would take a web developer less than a day. It would be faster and cheaper to do this than post out and then process paper applications. It is also infuriating to have a non-free helpline that hangs up on you after playing various recorded messages.

Needless to say, the FSCS has to do much better.

eglons

Can't fault them. Given the complexity of what they had to do the process was well thought through and well managed. I'm amazed...

Next question, where to move the cash ISA to?

Mel_Foster

Money from 2 accounts returned with no problems, and ISA certificate issued within 10 working days, as they said. I made one call to the FSCS and they were very good indeed. A lucky escape!