Icesave FSCS - petition for interest up to date compensation paid

masonic

Onawingandaprayer wrote: »

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.

The one thing I think the FSCS handled very badly was the administration of these forms. Somebody did upload a scan of the paper form they received, and it did look as though a generic form could have been sent by e-mail, or even posted to the FSCS website, to at least speed up that part of the paper claim process. Unless the FSCS is trying to control the flow of incoming claims as it did with the electronic process? :rolleyes:

mrkbrrws

bryanb wrote: »

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

I completely understand that interest rates have dropped and I would have thought that Bank of England base rate would be appropriate.

bjorn_again

mrkbrrws wrote: »

Would anyone who agrees it is unfair for certain groups of individuals to receive no interest for months while waiting for compensation from the FSCS please read and sign my petition.

http://petitions.number10.gov.uk/FSCSInterest/

We the undersigned petition the Prime Minister to pay interest to individuals claiming compensation after the collapse of Icesave and other banks from the date of default to the date compensation is paid.

The Financial Services Compensation Scheme currently only pays interest up to the date that a financial institution defaults.

In the case of Icesave this was 7 October 2008 and it is unfair that no interest is earned from this date to whenever compensation is received, for the following reasons:

1.) Some savers received their money back in November and have been able to earn interest on it since then, but others have to complete a paper form and their compensation may be received in February 2009 with no interest for months.

2.) While some savers are not receiving interest from banks such as Icesave, those with savings in other failed banks have simply been transferred to another bank and have continued to receive interest.

Don't be greedy. You were lucky to get your money back, thank your lucky stars for that.

soulsaver

Yep we could have downloaded a generic form - then the FSCS would have had a million chancers and spoilers claims to sort out from the valid... and guess who would have been complaining then.

I've posted before the valid reasons why I feel lucky- I (just) exceded the FSCS limit, when it was increased a couple of days before the collapse, and I'm getting interest that I wouldn't have got by the strict application of the published rules. I've had to wait 'cos I hadn't got a linked account so I was unlucky. I have a Icesave FTB that matured yesterday and am waiting for the FSCS cheque.
I have a fixed interest account paying 6% that accepts additional deposits ready for my dosh when I get it.
I am losing (not earning) c£12 a day while I wait.

Will I sign a petition complaining? Yeah, let's do that... Then if I were Al Darling I'd say 'S*d em they'll get the bare minimum next time....' OH No no no noooo
In fact I'm likely to start a thread for an appreciation petition to get a balanced view across...
BTW I'm no labour voter either... just very grateful to get ALL my hard earned money back, eventually.:T

Onawingandaprayer

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

Not sure if I understand the point of your question, but for sure, .000001% would be an improvement on what I'm getting now, with a big chunk of cash stuck who knows where.

Onawingandaprayer

Don't be greedy. You were lucky to get your money back, thank your lucky stars for that.

Assuming I do get my money back, I just can't follow the logic that we're lucky to do so. If we'd invested in excess of the FSCS guidelines perhaps...

Then again, I guess I was lucky I wasn't mugged today.

dwh_3

Onawingandaprayer wrote: »

We opened our account in good faith and kept to all the FSCS guidelines.

Hold on a moment... FSCS guidelines say you should be chasing Iceland, a collapsed economy for the first £16k or so - they're doing you quite a favour here. Consider the small amount of interest you're losing as payment for government debt collection and get over it.

Fella

Gordon Brown couldn't care LESS about savers unfortunately. That's why he's slashing rates down to nothing as quick as he can - look forward to another huge cut this week - in a desparate attempt to stop property prices collapsing much further before the election.

He is systematically punishing anyone who did the "right" thing - i.e. manage their finances responsibly - in order to bail out everyone who has borrowed or lent too much.

Fairness is an alien concept to him.

RayWolfe

Another wonderful contribution to an important discussion. Thanks.

Onawingandaprayer

FSCS guidelines say you should be chasing Iceland, a collapsed economy for the first £16k or so

Hmmm 1. It's proving pretty impossible chasing the FSCS for my cash. Not sure if the Iceland govt would be much harder!

Hmmm 2. If the govt hadn't used anti-terror legislatiopn against Iceland in the first place, perhaps things might not have escalated so badly. I see they're sueing the UK govt, so they obviously think they have a case. http://www.telegraph.co.uk/finance/financetopics/financialcrisis/4142088/Iceland-to-sue-the-UK-over-anti-terror-legislation.html