2008-11-17 :: ftadviser.com :: Les clients Icesave reçoivent £ 250m

http://ftadviser.com/FTAdviser/Investments/News/article/20081117/93d86e58-b48e-11dd-9469-00144f2af8e8/Icsesave-customers-receive-025bn.jsp

November 17, 2008

Icesave customers receive £250m

Les clients Icesave reçoivent £ 250m

Icesave customers in the UK have received around £250m in initial payments from the Financial Services Compensation Scheme (FSCS).

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Using an electronic process, the FSCS implemented a low volume trial for Icesave customers to reclaim their money last week.

The FSCS said initial indications from testing suggest the majority of consumers are opting to transfer their money to their linked account rather than waiting for fixed term accounts to mature.

FSCS chief executive Loretta Minghella said: "Five weeks ago a lot of Icesave savers were worried that they were going to be left high and dry.

"Now they can be confident that the electronic process is underway and people are getting their money back.

"FSCS is keen to make the process as smooth as possible for Icesave's customers; to this end we started by processing a low volume of claims and are ramping up.

"We remain on track to offer compensation to the vast majority of Icesave customers in November."

The FSCS is administering the payout to UK retail customers of Icesave without them needing to apply to the Icelandic deposit guarantee scheme.

UK Icesave customers who opt not to use the online payout will still be able to claim compensation using a paper-based application process, although the FSCS said this would take longer.

Application forms will start going out next week to about 16,000 Icesave customers who did not have nominated accounts linked to their Icesave account.

More than 200,000 UK consumers had savings in approximately 300,000 accounts with Icesave UK, the topped up retail deposit business of the UK branch of Landsbanki Islands.

Meanwhile, Iceland has agreed to accept liability on deposits up to the €20,887 required under EU law. Iceland had initially said its deposit guarantee would only cover domestic savings.

The FSCS is now also processing compensation applications from customers of Heritable and Kaupthing Singer and Friedlander whose accounts did not transfer to ING Direct.


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