Icesave FSCS - petition for interest up to date compensation paid

mrkbrrws

The phrase "just saying" was used in the context of me explaining why I did not understand how being grateful for being promised the return of capital somehow barred me from legitimately seeing it as unfair that I was losing interest.

The petition itself (http://petitions.number10.gov.uk/FSCSInterest/) isn't me "just saying" I would like reimbursing. It states two specific reasons for me believing that the situation is unfair.

It also does not state how the compensation for lost interest would be funded, but this could be from general taxation which would have negligible or no impact on any individual taxpayer. Alternatively, I believe the FSCS may impose levies on financial institutions in the future to recover compensation payments.

Reaper

Likewise I don't agree with the petition. The government has already agreed to pay out much more than than the FSCS were obliged to. I'm relieved to get anything back and I'm not going to quible over a bit of interest.

Onawingandaprayer

"Some claims are completed much faster [than 6 months], however, in other cases delays may occur because of factors outside our control." Like they just haven't got around to sending out the paperwork in my case. (Fixed rate account, claimed for on Nov 12th)
Afraid I cannot for the life of me see why people whose accounts close later this year have already received their paperwork whereas people whose accounts closed last year haven't.
Surely it wouldn't have been too hard to prioritise the paperwork.
We opened our account in good faith and kept to all the FSCS guidelines. Afraid I really can't get over-enthusiastic about messrs Brown/Darling's 'generosity'.

ed123_2

....6 weeks is the time limit the FSCS aims for....so those with fixed term accounts will lose approx. the same as those with instant accounts....

Optimist

Reaper wrote: »

Likewise I don't agree with the petition. The government has already agreed to pay out much more than than the FSCS were obliged to. I'm relieved to get anything back and I'm not going to quibble over a bit of interest.

This post sums up my feelings quite well.

masonic

Onawingandaprayer wrote: »

"Some claims are completed much faster [than 6 months], however, in other cases delays may occur because of factors outside our control." Like they just haven't got around to sending out the paperwork in my case. (Fixed rate account, claimed for on Nov 12th)
Afraid I cannot for the life of me see why people whose accounts close later this year have already received their paperwork whereas people whose accounts closed last year haven't.
Surely it wouldn't have been too hard to prioritise the paperwork.
We opened our account in good faith and kept to all the FSCS guidelines. Afraid I really can't get over-enthusiastic about messrs Brown/Darling's 'generosity'.

I don't understand. You say that you 'claimed' in November, but then you say you are waiting for a paper form? Do you mean that you logged in to the electronic system and rejected the accelerated compensation?

Onawingandaprayer

....6 weeks is the time limit the FSCS aims for....so those with fixed term accounts will lose approx. the same as those with instant accounts....

But what if it's three months?

Onawingandaprayer

I don't understand. You say that you 'claimed' in November, but then you say you are waiting for a paper form? Do you mean that you logged in to the electronic system and rejected the accelerated compensation?

Perhaps 'claimed' is a poor choice of word on my part. I received 2nd email on Nov 12th and as fixed account was scheduled to close 12 days later I opted electronically to go for a paper form. Thinking naively that I would get it sometime in November and then have to wait a maximum of 6 weeks until I received my payment (as per point 37 of their FAQs.)

A foolish move! Here we are on Jan 6th and still no paperwork. 6 weeks from tomorrow - assuming it arrives then, ho ho! - takes us to about Feb 18th or so. Almost 3 months after account closed.

Pendle_Gazza

I think the petition is pretty pointless. Icesavers and non-Icesavers alike have different views on many aspects of this saga. For example, as an ex-Icesaver, my thoughts are that I think allowing fixed rate savers to continue their accounts through to maturity was a trifle unfair. Others argue that people who had money over £35K were extremely fortunate to get the extra back, and more say none of us should have had anything back.

But ultimately, while the outcome is not necessarily 100% fair for all, I don't think we can really complain at the plan which was agreed - the bank went bust on 8th October, and we all got/get our money back to at least that date. That said, I appreciate the frustration of yours and others' circumstances which means having to miss out on interest for longer than others, and sympathise somewhat.

bryanb

What interest rate would you like? As you said your fixed rate expired in Nov, Rates have dropped.