Icesave has stopped depositors withdrawing their money after parent Landsbanki was put into receivership this week.
FSA spokeswoman Hedi Ashley says: “Icesave has said it will give more information in due course so people should wait before contacting the FSCS.”
The Icelandic financial service authority, the FME, has appointed a receivership committee to ensure the continued operations of Landsbanki.
An Icesave spokesman says as the bank is still operational, no compensation arrangements are yet triggered. UK savers have their first £16,170 protected under the Icelandic compensation scheme, topped up to £50,000 by the FSCS.