Depositors with Icesave, the UK savings arm of the failed Icelandic bank Landsbanki, will receive compensation without the need for a lengthy application process it was announced today.
The Financial Services Compensation Scheme (FSCS) says its priority is to ensure savers get a speedy payout through an accelerated compensation process. Following the collapse of Landsbanki, which had over 200,000 UK savings customers, the Government stepped in to give a 100% guarantee for all deposits and also provided protection for ISA tax status. The FSCS has detailed the stages involved in the process, which will ultimately see cash transferred electronically into a linked account. Icesave customers will shortly receive a letter detailing the full process and will be written to a...
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