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Icesave customers should act immediately for compensation

21 October 2009 / by Rachael Stiles

Nearly 1,600 people in the UK who have savings in the collapsed Icelandic bank Icesave have yet to make a claim for compensation, and they should act immediately or they will lose it forever.

Since the Icelandic bank Landsbanki and its online savings account arm Icesave collapsed a year ago, the Financial Services Compensation Scheme (FSCS) has been reimbursing its customers after the Government pledged that nobody would lose their savings.

Around 400,000 savers had money in an Icesave savings account before it collapsed, attracting customers with competitively high interset rates; they have had to be reimbursed to the tune of around £3billion.

The majority of the 1,600 savers who have not claimed compensation for the deposits they had in Icesave have less than £20 in their accounts, the FSCS said, believing that the savers cannot be bothered to make a claim for such insignificant amounts of money.

This is the final opportunity for Icesave customers to claim their money, before the FSCS submits its final request for compensation from to the Icelandic authorities by 30 October.

© Fair Investment Company Ltd