FSCS steps up Icesave payouts

It says it is now in a position to contact every customer after completing an initial payout of £250m to approximately 10,000 individuals. Hundreds of thousands of UK consumers had savings in approximately 300,000 accounts with Icesave UK, the topped up retail deposit business of the UK branch of Landsbanki Islands hf. Those with savings over £50,000 were facing the prospect of loss after the firm was declared in default on 8 October until the Government stepped in to guarantee all savings over that amount. "Five weeks ago a lot of Icesave savers were worried that they were going to b...