FSCS want Power Of Attorney re: Icesave

Sillychuckie

Anyone else still waiting for their icesave payments get this FSCS letter?
Is it all kosher etc?
Power of attorney is a pretty drastic thing to sign away. It says 'only in respect of matters relating to this claim', but still...
Need to find myself a witness now.

SC.


Edit: P.s. Sorry - this might be better off moved to a 'Savings' forum. I didn't mean to post it in the Budgeting & Bank accounts one.

jonesMUFCforever

Get proper legal advice before signing anything. Once you grant a PoA they could charge what they want?

noh

Would have been sent to all ex icesave customers including those who already have received compensation.
Looks like the FSCS have been advised that the forms we filled in previously may not be sufficient to give them the power to deal with the receivers of Landsbanki in relation to our claims.
They have therefore sent out POA forms for us to sign that give them the right to act in our name in all matters relating to the Depositors claim in connection with the insolvency of Landisbanki.
Don't see any problem with it.
Will get it signed and back in the post.

Biggles

It does seem somewhat bizarre. The existing documentation was sufficient for them to send me my (late) mother's money (plus the full interest) from her IceSave account. I can't think what more they might need.

Primrose

I suspect that this is because legal action is now being taken with a third party which was not the case when the FSCS were dealing directly with refunds for savers. It seems that the lawyers involved want this to be as correctly pursued as possible and don't want the case thrown out or delayed because their legal documentation is not in order. I don't see any problem with it and our forms have been witnessed and returned.

timothee

Not sure what they require the PoA for? Would imagine that the FSCS has received some overly cautious legal advice telling them that they need a PoA: hence it doesn't make much sense to us.

As for getting legal advice yourself on whether to sign, I would suggest not - it'll cost you lots and tell you very little you can't already work out from a commonsense reading of whatever documentation you've already received! That's my personal opinion of course...

Primrose

I'm confused. We have already completed the Power of Attorney forms once. We had two fixed term accounts outstanding, once of which has since matured and been paid out. However, we have this morning received a second P of A to sign and return. Are they requiring a P of A form be returned for each account held? I don't see the necessity of this, although I note there is a bar code on the form, which presumably relates to the specific account. Anybody else out there with more than one account still outstanding who has received duplicate form requests?

noh

I still have 3 fixed term accounts to pay out.
I have only received one POA form so far.
Perhaps the one you signed a few weeks back didn't reach its destination?

oldagetraveller

I, like others, have only received and completed one set of forms way back, including something legal which appeared to be some sort of POA.. I've received all the funds and interest due, instant access savings, fixed rate/terms and i.s.a.
So whether an important original form of the OP's wasn't submitted or was lost I don't see the need for anything else? The OP has not posted any updates or replies since their initial one in mid Sept. anyway.
They've not sent me anything further anyway.

Paul_Herring

Same as oldagetraveller here - 6 separate FRSBs (last one matured last month,) one ISA and the normal savings account; all monies received with expected interest, and no unexpected paperwork.

(Unless you count the 'this is how much tax you earnt' letters for the 6 FRSBs. In separate envelopes. On the same day :rolleyes:)