Saturday, 29 November 2008

Scrupulously Fair

Back in October I was bitten by Icesave collapsing.

Yesterday I got all of my money back and, which impressed me the most, the accrued interest on the account up until the 7th October. The day when the bank went under. It wouldn't have surprised me if I had lost out on the interest or had to pay some form of admin fee. For customers with fixed rate accounts, you can even opt to keep you money in Icesave until the account is due to mature.

I've been very impressed by the the Financial Services Compensation Scheme (FSCS). They've posted regular updates on their website and have returned my money in just over a month. I get the impression that the FSCS are out there looking after the customer and not just trying to wind up the failed banks with minimal cost and hassle to themselves.

Now to find a more sensible home for the cash......

4 comments:

  1. Not so "fair" when you start to think about where the cash came from. Richard as a higher rate taxpayer you will be paying for lots of other people's interest as well as your own!

    ReplyDelete
  2. As a member of the unemployed I won't be paying any tax! ;-)

    On the narrow issue of FSCS funding (and I stand to be corrected) it comes from two sources:
    1. An annual levy on all companies that are FSA regulated.
    2. They seek to reclaim as much as the can from the assets of the liquidated bank.
    I am not aware of the FSCS having to ask the government / tax payer for an additional funding or for rises in the levies on companies.

    On the wider issue of the national debt, we are all stuffed there.......

    ReplyDelete
  3. Maybe it would be fairer if only bankers who pay higher tax rate had to cough up for any shortfall? ;-)

    Anyway, I'm fairly screwed as I've managed to lock myself out of my icesave account. Oops.

    ReplyDelete
  4. I think they would be better raising extra tax from over paid Barristers!

    Once you have unlocked your Icesave account you can buy me dinner at Nobu with the money......

    ReplyDelete