MSE News: Icesave compensation and Isa deadlines loom

Former_MSE_Guy

This is the discussion thread for the following MSE News Story:

"Savers who had money in collapsed Icelandic bank Icesave have just over two weeks to claim compensation or risk losing their money for good..."

Read the full story:
Icesave compensation and Isa deadlines loom

Annabee

Well thanks MSE for the heads-up!

Have got the money back, but not got round to arranging replacement ISAs yet. Had no idea there was any deadline.

How exactly did the goverment/FSCS think people were supposed to know this?

I will have to do something about it immediately and hope its in time. If not for happening to see this on MSE I would have lost the ISA allowance.

ScarletBea

You say that, hower the ISA deadline was extremely advertised and warned at the time of the compensation return, including in the letter from the FSCS that came with the cheque.

Annabee

Was it? Well I didn't see it, and usually I am quite good at 'reading the small print'.
They can't havegiven it enough prominence.

noh

The ISA reinstatement certificate you have has a "use by" date of 5th April 2009 on it. This date was extended to 5th October because of delays in issuing the certificates to some ISA account holders.
It was well publicised.
http://www.fscs.org.uk/consumer/latest_news/2009/apr/Icesave_ISA_Reinstatement_Certificates/

oldagetraveller

This alert was also in the "money" section of yesterdays Daily Mail.

geoffreyq

ScarletBea wrote: »

..........in the letter from the FSCS that came with the cheque.

You have a cheque???!!! Has any one else actually received money from the FSCS?

Now two weeks after cheque should have arrived from my maturing Icesave deposit, they tell me that the post is very bad and to allow 28 days after maturity date before contacting them again....why, oh why do they refuse to allow BACS transfers and insist on posting cheques for £50,000 in the middle of a postal strike campaign??

ScarletBea

I've received 3 cheques from the FSCS: one for my ISA back in December, one fixed bond in March and another fixed bond last week, 5 days after maturity

KingL

I had money (cheque) from FSCS. I think that some 100,000+ people have.

But they aren't set up to deal with BACs. I guess that it's because, prior to Icesave, the number of claimants have been much smaller so there was less of a 'need' to have efficient electronic systems.

There was a big consultancy exercise after they cleared the bulk of the Icesave paments to look at how they can do things better in future. IIRC, introducing payment via BACs was one of conclusions, but I don't think it will be happening in time to help Icesavers.

KingL

Possible light-on-the-horizon scenario wrt the FSCS and the postal strike

oakhouse13

'Despite its failure, no Icesave saver with UK-based funds will have lost a penny after the Government agreed to reimburse those affected'

I wanted to put on record that other media writing about this story do not say that savers did not loose a penny. Savers who are also taxpayers have loaned the Icelandic government £2.3 billion which Iceland has 8 years to repay after which UK taxpayers will loose any outstanding amount. The Icelandic government has yet to repay anything, not that I agree is was ever justified to exploit Iceland's economic mess for the sake of a few percentage points of extra interest.