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Big freeze at Icesave

The Financial Services Compensation Scheme says it is unclear if Icesave depositors will have to apply both to the Icelandic and UK compensation schemes if the bank becomes insolvent.

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.

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