FSCS Update regarding ICESAVE paper applications

Gray_colt

I decided to wait and do the paper application, had one fixed mature on 7th dec and another 24 jan o9, so i got the paper work the week b4 crimbo and sent that off the same day and ive had nothing back at all, not even letting me know they got the application. I think what might happen now is they will wait till the 24th n pay both up then, which would annoy me massively as they didnt state that they would do that did they? I should have done the electronic process n totally regret not now. How long does it take to send a cheque out anyway?

GlasWolf

I couldn't do the electronic process as I didn't have a linked account. I was pleasantly surprised to received a paper form the first week they were issued, and returned it immediately as my account matured on Christmas day. Since then I've heard nothing - wonder when they'll start processing the forms.

nicky_boo

Shindinger, Kittie, Gray_colt, I couldn't agree with all of you more... Why do we have to be penalised for FSCS's mistakes? Hindsight is a good thing. I wish I took my money out when I received the second e-mail. I also believed what they said on their web site.
How ridiculous can this get? They haven't sent out some of the forms. They thought they had done before 19th Decemer and noticed on 9th January that they hadn't!!! Here we are, waiting for the post every day hoping that our forms arrive. Well, we are all going to suffer and loose money because of this delay. Strawberrylane, I know you are disappointed in FCSC and the process but as you say, at least,you are not loosing money. In November, there were fixed bonds available giving above 6.5% interest. As I said hindsight is a good thing.

Onawingandaprayer

When I get my form - and following a phone call on Friday I am 'reasonably' optimistic it'll be next week - I'll be sending it back with a letter asking for compensastion (Prob whistling in the wind, i know!)
Six weeks from Nov 24th, when my account closed, is a bit different to six weeks from mid Jan, when I might get the form.
As they said to me, on friday, they thought all the forms had gone out, then they discovered they hadn't! Sorry.
Oh fine, that's alright then...

PS. It would have been nice to think Martin was investigating all this, as promised, but that's all gone quiet. :money:

sloughflint

And if you do get your forms next week, could you post back and say where you have to send them?

I'm still twitchy that my form was sent to London and enclosed documentation hasn't been returned despite reassurances from FSCS phone support.

I know what their reassurances are like:rolleyes:
No interest on two accounts since 7 October.....yes OCTOBER!

grnglide

Onawingandaprayer wrote: »

When I get my form - and following a phone call on Friday I am 'reasonably' optimistic it'll be next week - I'll be sending it back with a letter asking for compensastion (Prob whistling in the wind, i know!)
Six weeks from Nov 24th, when my account closed, is a bit different to six weeks from mid Jan, when I might get the form.
As they said to me, on friday, they thought all the forms had gone out, then they discovered they hadn't! Sorry.
Oh fine, that's alright then...

PS. It would have been nice to think Martin was investigating all this, as promised, but that's all gone quiet. :money:

I think the chance of getting conpensation from FSCS is less than zero. While they have failed to meet statements published on their web site etc they are refunding money which they had no legal need to do so as the vast majority of the legal responsibility lay with the Icelandic scheme.

As I see it the government said they would refund the money and the FSCS procedures failed for some people. Any reponsibilty for failings, I believe, rests with HMG - the government stated that "no investors would lose money". This is true for capital but not interest but governments are very good at splitting hairs!

shindigger

sloughflint wrote: »

And if you do get your forms next week, could you post back and say where you have to send them?

I'm still twitchy that my form was sent to London and enclosed documentation hasn't been returned despite reassurances from FSCS phone support.

I know what their reassurances are like:rolleyes:
No interest on two accounts since 7 October.....yes OCTOBER!

Ouch.Not cool. I hope youre framing a letter demanding compensation.

I am, and im nowhere near as badly done to as you.
We followed FSCS instructions, now the FSCS need to comply with their own remit.
Martin needs to get himself involved on behalf of the "paper people".
Best of luck.

shindigger

grnglide wrote: »

I think the chance of getting conpensation from FSCS is less than zero. While they have failed to meet statements published on their web site etc they are refunding money which they had no legal need to do so as the vast majority of the legal responsibility lay with the Icelandic scheme.

As I see it the government said they would refund the money and the FSCS procedures failed for some people. Any reponsibilty for failings, I believe, rests with HMG - the government stated that "no investors would lose money". This is true for capital but not interest but governments are very good at splitting hairs!

Iceland will be paying the UK back the first £16k. They had to agree to this as a condition of their IMF loan. Lots of people took the FSCS at their word. They missed their postal deadline with the forms and in some cases didnt even realise until yesterday that theyd not even despatched some. I think the FSCS would be flabbergasted if people DIDNT complain.

Onawingandaprayer

I agree that I probably have a snowball's chance of getting any further compensation for the time I have spent waiting fruitlessly for my claim form - ordered Nov 12th, for account closing Nov 24th - but I still feel I'll stir them up by asking for it.

As their FAQs stated;

37. If I choose to keep my fixed rate savings account until maturity, what will happen?

[FONT=Times New Roman,Times New Roman][FONT=Times New Roman,Times New Roman]

We will process your claim through the manual paper-based process so far as possible within 6 weeks of receipt of a completed application form. Once this process is complete, you will receive payment following the maturity date of the account.

If any other corporate body made such a claim and then reneged on it, I feel we'd all be jumping on them. It's not as if the forms have gone astray - they're now admitting that due to an error, they were never sent, to me and many others. And on every one of my numerous phone calls prior to last week, they have said they are on the way.

And yes, I have seen the phrase 'as far as possible'.

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