View more on these topics

FSCS has paid £0.25bn to Icesave depositors so far

The Financial Services Compensation Scheme says it has paid £0.25bn in compensation to UK Icesave customers in the last week.

Since the FSA declared the firm in default on October 8 the FSCS has developed, tested and started to implement an accelerated online claims process, based on a modified version of Icesave’s website.

Using this electronic process the FSCS began inviting Icesave customers to reclaim their money during a low volume trial that started last week.

The FSCS says initial indications from the testing suggest that the average time it takes a consumer to effect the BACS transfer is less than four minutes and very few have required telephone assistance during the process.

So far, the overwhelming majority are opting to transfer their money to their linked account rather than waiting for fixed term accounts to mature.

The FSCS is now increasing the number of people receiving an email inviting them to log on using their existing details and follow a short process to claim their compensation.

The FSCS confirmed that the Icesave emails are being phased for security and operational reasons.

FSCS chief executive Loretta Minghella says: “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.”


Extension after Gabriel glitches

Thousands of adviser firms have been given a seven-day extension to submit RMAR reports after glitches in the FSA’s Gabriel filing system.

Doubts cripple commodity story

The November rebalancing shows advisers continuing to remain cautious, moving out of emerging markets and reducing commodities, property and high-yield allocation.

Cut and thrust

High-street lenders have come under fire for raising tracker rates in anticipation of last week’s sharp fall in the base rate.


Britain's “Forgotten Army”: The collapse in self-employed pension membership – and what to do about it

Pension scheme membership among employees has risen by more than five million in the past four years because of the policy of automatic enrolment into workplace pensions. But Britain’s army of 4.4 million self-employed people, who account for one in seven of the workforce, are not covered by automatic enrolment. Pension coverage among the self-employed […]


News and expert analysis straight to your inbox

Sign up


    Leave a comment


    Why register with Money Marketing ?

    Providing trusted insight for professional advisers.  Since 1985 Money Marketing has helped promote and analyse the financial adviser community in the UK and continues to be the trusted industry brand for independent insight and advice.

    News & analysis delivered directly to your inbox
    Register today to receive our range of news alerts including daily and weekly briefings

    Money Marketing Events
    Be the first to hear about our industry leading conferences, awards, roundtables and more.

    Research and insight
    Take part in and see the results of Money Marketing's flagship investigations into industry trends.

    Have your say
    Only registered users can post comments. As the voice of the adviser community, our content generates robust debate. Sign up today and make your voice heard.

    Register now

    Having problems?

    Contact us on +44 (0)20 7292 3712

    Lines are open Monday to Friday 9:00am -5.00pm